Global Blockchain Mining Launches on the CSE

Global Blockchain Mining (CSE:FORK) officially entered the public markets, its parent company Global Blockchain Technologies (CSE:BLOC) announced on Wednesday (July 18).

The announcement comes one week after Global Blockchain Technologies issued a statement advising Global Blockchain Mining received conditional approval from the Canadian Securities Exchange (CSE) to begin listing its common shares with the exchange.

According to Wednesday’s press release, Global Blockchain Mining’s focus is on mining bitcoin using application specific integrated circuit (ASIC) mining rigs. As it currently stands the company owns 9,666 mining rigs with 1,400 rigs currently in operation. Its initial mining operations are located in Montreal and New York.

Out of the 9,666 mining rigs, Global Blockchain Mining is expecting to receive 3,960 installed by the end of July with the remaining 4,666 rigs to be installed and operating by September 2018.

The company has also said it will buy an additional 10,000 bitcoin mining rigs that it expects to receive and be operational by August 2018, bringing its total bitcoin mining rigs to 20,666. This puts Global Blockchain Mining’s initial energy consumption for digital currency mining at 13.5 megawatts.

In addition to its mining rigs, Global Blockchain Mining also owns a 25 percent interest in a blockchain software company called Distributed Consensus, whose software enables devices of all kinds to be able to mine for cryptocurrencies.

The CSE has become a hot spot for blockchain companies to list their common shares.  To qualify for listing, companies must be in good standing in any Canadian jurisdiction and must have a public float of at least 500,00 tradeable shares with at least 156 public holders with a board lot each of the security.

In its efforts to remain ahead of the game in the blockchain space, earlier this year the CSE announced its plans to introduce a securities clearing and settlement platform that “harnesses the unique features of blockchain technology.”

According to that press release, the platform will allow companies to issue conventional equity and debt via tokenized securities offered to investors through Security Token Offerings (STO), which would be subject to full regulation by “applicable securities commissions.”

“The Canadian Securities Exchange expects to be the first recognized exchange in Canada to introduce a fully developed blockchain platform for trading, clearing and settling tokenized securities,” Richard Carleton, CEO of the CSE said in the release.

Following Wednesday’s announcement, Global Blockchain Mining closed its first day of trading at C$0.33 per share, a 3.17 percent increase over the one-day trading period.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.