Blockstream Mining issues hashrate-backed security token in fundraise
Blockstream is essentially selling four-year claims on the proceeds from its Bitcoin mining operations in exchange for funding.
Blockstream Mining is raising funds by issuing a security token—Blockstream Mining Note 2 (BMN2)—backed by the Bitcoin (BTC) miner’s hashrate, according to a Sept. 5 announcement.
The BMN2 token is designed to “provide direct exposure to Bitcoin hashrate operated by Blockstream’s… enterprise-grade mining facilities across North America,” Blockstream said.
Priced at $31,000 per token, each BMN2 represents a 48-month claim on one petahash per second (PH/s) of Blockstream’s mining hashrate, the company said. Hashrate measures the computing power used to mine blocks on the Bitcoin network.
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Author: Alex O’Donnell
