Santo Mining Corp (OTCMKTS:SANP) reported the execution of an exclusive licensing deal Chongqing Yuhuan Technology Co., Ltd. It should be known that Chongqing is one of China’s leading cryptocurrency mining firms with a total global mining hash rate of around 2% and a year to date return of 1,537 bitcoins, also termed as Canoe Pool.

The details

Under this exclusive licensing deal, Canoe Pool will offer developmental and technical support to advance the bitcoin currency mining pool platform for Santo. Following this licensing and co-operation agreement, both firms will create a mining pool named Canoe Pool America for the bitcoin mining in America.

This latest advancement marks as the first of a multi-part deal for both firms’ corporate development plan that focuses on the rapidly growing segment of cryptocurrency mining in America. The firm’s exclusive focus will be on working in tandem with Canoe to advance Canoe Pool America and have it up and running to become a part of the mining collective pool in this year.

Frank Yglesias, the CEO of Santo Mining, expressed that they will be establishing a new firm focused on cryptocurrency transactions and cryptocurrency mining. This is just the starting, and during the months and weeks to come there will be several new developments and changes for Santo Mining.

Canoe Pool headed by its founder Ang Li since 2013, comes in the list of the fastest growing bitcoin mining firms in China with two big mining farms in Xinjiang and Sichuan, China; and with a combined capacity of 75,000 kilowatts, accommodating up to 50,000 of the latest Bitmain S9 mining machines. The firm showcases a total hashrate prospect of 700P. Miners can select between PPLNS or PPS payment systems with fees of 4% or 2%, accordingly. Canoe Pool presently supports Bitcoin Unlimited and exhibits 1.7% of the international cryptocurrency mining market share.