Bitfarms Ltd., a cryptocurrency computing power company, has officially bought out Backbone Hosting Solutions Inc., which operates blockchain computing centers, according to a press release.

The company will gain 100% ownership of Backbone Hosting by acquiring the remaining 39.3% of the company that it didn't already own. Bitfarm expects to close the acquisition by Aug. 15.

"We are pleased to announce the consolidation of the remaining ownership in Backbone. This transaction will result in a simplified capital structure, consolidating 100% ownership of cash flow from operations from subsidiaries of the Company into Bitfarms," Wes Fulford, CEO, Bitfarms, said in the release. "We believe the transaction is accretive to all shareholders of the Company and investors will benefit from the increased public float."