After successfully completing a fully subscribed second tranche last week, BMN mining is now live. Capital raised now totals €6.6M ($7.8M USD) with just over 33 BMN issued. Mining progress can be tracked here.
The BMN entitles investors to the Bitcoin mined by up to 2,000 TH/s of hashrate. Bitcoin mined are secured in cold storage and delivered upon maturity of a three-year term. The BMN is a registered security token, issued through a Luxembourg securitization fund and available to non-US, qualified investors.
P2P OTC trading is also possible between investors who have completed the onboarding process with STOKR. The minimum transferable unit is 0.01 BMN.
The previous two rounds attracted a diverse range of corporate and individual investors from 14 separate countries across Europe, Asia, North America, and the Middle East.
Following several quarters of constrained hashrate growth on the back of the global semiconductor shortage, aggressive policy changes in China, and a record downward difficulty adjustment, Bitcoin mining is very profitable.
The following formula provides a general back-of-the-envelope estimation of what Bitcoin production looks like at current input levels:
While we view the first two tranches as a strong start, we are committed to making the BMN available to as broad a range of investors as possible, and are working with leading trading and distribution platforms to facilitate this.
Join the Blockstream Finance Telegram group to keep abreast of the latest developments. We’ll have more updates and announcements coming in the weeks and months ahead!