Global Blockchain Technologies Corp., a company that provides investors with access to a basket of holdings within the blockchain space, has announced that its wholly-owned subsidiary Global Blockchain Mining Corp. has entered an agreement to acquire a 49.9% interest in CoinStream Mining Corp., the world’s first cryptocurrency mining company to employ the streaming model. Under this agreement, Global Blockchain Mining Corp. will provide strategic upfront capital and an additional payment upon delivery of the cryptocurrency to select operators and operation, in exchange for a stream of future cryptocurrency production at a fixed price.
CoinStream has aggregated 10 megawatts of power in purpose-built data centers located in low power cost jurisdictions (under $0.04/kWhin Winnipeg, Manitoba, Canada. The initial streaming agreements, once funded, provide for the delivery of a total of 2,500 bitcoins per year for five years at a fixed rate of $1,000 USD per bitcoin at the time of delivery. In the event that the price of bitcoin trades above $15,000, the fixed cost payment would increase to $1,500. In addition, in the event that the network hashrate rises above certain predetermined levels for a sustained period of time, the fixed cost payment would be adjusted upward. For the duration of the contract, Global Blockchain Technologies Corp. anticipates that it would receive 12,500 bitcoins, which represents a current undiscounted value of $112.5 million CAD under current bitcoin prices…
Read Full: Global Blockchain Technologies Corp. creates crypto mining division
