Blockstream Mining is raising funds by issuing a security token - the Blockstream Mining Note 2 (BMN2) - backed by the Bitcoin (BTC) miner's hashrate, according to a Sept. 5 announcement. The BMN2 token is designed to "provide direct exposure to Bitcoin hashrate operated by Blockstream's... enterprise-grade mining facilities across North America",Blockstream said.

Priced at $31,000 per token, each BMN2 represents a 48-month claim on one petahash per second (PH/s) of Blockstream's mining hashrate. In effect, Blockstream is selling four-year claims on the proceeds from its BTC mining operations in exchange for upfront funding. Investors benefit from a significantly discounted hashprice of $21.23, Blockstream said.

Bitcoin miners have been looking to shore up balance sheets after the network's April "halving" cut mining rewards from 6.25 BTC to 3.125 BTC per block. According to JP Morgan, five of the largest BTC miners issued some $1.2 billion in equity during the second quarter of 2024.

Source: https://cointelegraph.com/news/blockstream-mining-issues-hashrate-backed-security-token-fundrase

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