- BlockMint (BKMT) has signed an agreement to acquire a crypto mining facility in Manitoba powered by sustainable and low-cost hydropower
- The company will pay C$900,000 for the facility comprised of $350,000 in cash and $550,000 in BlockMint common shares
- The company intends to install cryptocurrency mining hardware either directly purchased and/or through revenue share arrangements
- BlockMint develops distributed systems and networks that enable a more decentralized deployment of blockchain-based applications
- BlockMint Technologies (BKMT) is up by 6.06 per cent and is currently trading at $0.175 per share
BlockMint (BKMT) has signed an agreement to acquire a crypto mining facility in Manitoba powered by sustainable and low-cost hydropower.
The company will pay C$900,000 comprised of $350,000 in cash and $550,000 in BlockMint common shares.
The shares will be priced at the volume weighted average price of BlockMint’s common shares on the TSXV for the ten trading days immediately preceding the closing date of the transaction.
Following the acquisition, BlockMint intends to install cryptocurrency mining hardware either directly purchased and/or through revenue share arrangements with one or more third parties.
The facility is configured for 3 MW of power to be sourced from Manitoba Hydro. Power costs are highly competitive with potential to expand beyond 3 MW.
Nelson Ijih, BlockMint’s CEO, commented,
“The potential acquisition of this mining facility represents a major milestone for BlockMint. It will allow us for the first time to directly mine cryptocurrencies. It also supports our commitment to the sustainable use of blockchain-based applications which we first conveyed with the introduction of the carbon offset feature of our Minter cryptomining browser.
This facility ticks all the boxes for miners searching for a new facility, i.e. low power costs, clean energy, favorable and safe jurisdiction, etc. It represents a new and exciting chapter for the company.”
BlockMint develops distributed systems and networks that enable a more decentralized deployment of blockchain-based applications.
BlockMint Technologies (BKMT) is up by 6.06 per cent and is currently trading at $0.175 per share as of 11:54 am ET.