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March 30, 2021

Blockstream, a blockchain tech company, has revealed the Blockstream Mining Note (BMN), a new security token tied to Bitcoin (EXANTE: Bitcoin) hashrate for non-US investors.

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The BMN gives investors access to mine bitcoin with a hash rate of 2000 TH/s at Blockstream’s mining facilities. The cryptocurrency mined by the BMN will reportedly be held in cold storage before being delivered to the final token holders at the end of its three-year term.

According to an announcement, the first $15 million tranche of BMNs will go on sale on April 7, 2021, with a 36-month term from the commencement of the BMN mining operations.

"The offering is open to non-US qualified investors with a minimum investment of approximately $240,000, or the equivalent in Bitcoin (BTC), Liquid Bitcoin (L-BTC), or Tether (USDt)," the announcement says.

Blockstream plans to launch the BMN mining operations by July 9, 2021. The company also wants to issue subsequent tranches from mid Q3, 2021, on a monthly basis for the following 12 months for a total of $100 million.

Blockstream CEO Compares Ethereum and XRP With Pyramid Schemes

Last September, Blockstream revealed its own open-source bitcoin-focused digital storage called the AQUA Wallet. The wallet has integrated support for fiat purchases of crypto via debit cards or Apple Pay thanks to Blockstream's partnership with Wyre.

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