Blockstream, one of the key developers of Bitcoin’s infrastructure, plans to launch the Blockstream Mining Note (BMN) token-share intended to replace the common shares of mining companies.
Bitcoins mined on Blockstream equipment, which acts as a security for tokens, will be stored in cold wallets for three years, and then will be distributed among BMN holders.
BMN is suitable for those investors who, for some reason, cannot invest in shares of mining companies. Each BMN token is backed by Blockstream ASIC miners hashrate of 2,000 terahashes per second. Moreover, the token will not be available to investors from the United States.
The Stock Token Offer (STO) will take place on the European platform of alternative digital assets STOKR. The first tranche of tokens is scheduled for April 7. At the same time, the BMN price is set at around $ 240,000 per unit. The same amount is also the minimum for participation in STO. As early as July 9, Bitcoin mining will begin on equipment that acts as a security for tokens.
“We have ‘packaged mining’ into a tradable token. BMN gives investors significantly more flexibility than investing in physical mining infrastructure. With BMN, investors will be able to change the share of investments in the cryptocurrency industry at any time – they just need to sell or buy tokens in the secondary market. We are also increasing the security of the Bitcoin network by raising new funds, ”said Blockstream CEO Adam Back and CIO Chris Cook in a statement on the company’s website.
In late January, Blockstream purchased $ 25 million worth of ASIC miners from MicroBT. And the hashrate-backed token was first offered by the Poolin mining pool last week.
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