Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
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.
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.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.