Blockstream to raise $50 million for crypto mining

financialexpress.com:

Blockstream, a blockchain technology firm, expects to raise a target of about $50 million. It is expected that this amount will be used to purchase and store mining equipment that it expects to be undervalued in secondary markets, stated Cointelegraph.

Sources revealed that James Macedonio, head, Blockstream mining sales dismissed the company’s plans to take advantage of a “huge separation” in the value of Bitcoin (BTC $29,174) and ASIC mining equipment, Cointelegraph added.

Blockstream is expected to be collaborating with STOKR, a Luxembourg-based digital securities marketplace, to launch the Blockstream ASIC (BASIC) Note. It is expected that  Macedonio mentioned that blockstream might secure $5 million for its Series 1 BASIC Notes. Supposedly, each note will be valued at $115,000, to buy ASICs at scale, store and then sell them back to the market, Cointelegraph highlighted.

“If Bitcoin goes to $70,000 or more, people are going to try to get their hands on any ASICs they can just to start mining because their profitability would be so great,” Macedonio concluded. 

(With insights from Cointelegraph)

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