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Global Blockchain To Spin Out Mining Division To Offer Pure Mining Play With Combined Access Of 175 MW Of Low-Cost Reliable Power
Feb. 13, 2018 08:29AM PST
Blockchain InvestingGlobal Blockchain Technologies (CSE:BLOC) has announced it has completed its acquisition of Coinstream Mining via a three-corner amalgamation. As quoted in the press release: Under the terms of the definitive acquisition agreement, GBT will acquire 100% of Coinstream and assume all of its existing assets and underlying agreements at present, including: The Manitoba joint venture facilities totaling …
Global Blockchain Technologies (CSE:BLOC) has announced it has completed its acquisition of Coinstream Mining via a three-corner amalgamation.
As quoted in the press release:
Under the terms of the definitive acquisition agreement, GBT will acquire 100% of Coinstream and assume all of its existing assets and underlying agreements at present, including:
- The Manitoba joint venture facilities totaling 50 MW of capacity, with 35 MW of capacity available immediately. GBT’s subsidiary, Global Blockchain Technologies Corp., will supply cryptocurrency mining units on the basis of a 70/30 split in favour of GBT.
- The wholly-owned Mozambique facility totaling 25 MW of capacity, with 10 MW of capacity available immediately. The Mozambique facility will host GBT machines and/or seek joint ventures for the rapid procurement of cryptocurrency miners. These facilities have an average power cost of USD$.03 per KwH.
- A 25% interest in Distributed Mining Inc. (“Distributed Mining”). Distributed Mining is a blockchain software company creating software that enables all devices to have the ability to participate in mining cryptocurrency. The software will be available to be downloaded through Distributed Mining, or through its partner sites. Connected devices will then be able to activate mining operations through their devices (including but not limited to mobile phones and gaming consoles).
Distributed Mining would allow anyone with a connected device to download and install a software packet, giving the user access to optimized cryptocurrency mining. The distributed mining platform will be able to optimize for variable mining requirements, and its design is particularly well suited for gaming consoles, of which there are over 100 million currently connected units. Gaming consoles contain stronger processing power than that found in typical laptop/desktop computers, making them the perfect environment to deploy the distributed mining platform as individuals are able to put their resting consoles to work, earning them valuable cryptocurrency tokens.