Blockstream plans to raise $50 million to purchase mining machines in the secondary market. Banks have a large inventory of liquidated mining machines, and the price is only 10% of the 21-year high

Odaily Planet Daily News Bitcoin infrastructure company Blockstream is raising up to $50 million in funds to purchase and store mining equipment that it believes is undervalued in the secondary market. Blockstream is launching Blockstream ASIC (BASIC) notes in partnership with Luxembourg’s digital securities marketplace STOKR. James Macedonio, Head of Blockstream Mining Sales, said that Blockstream will first raise $5 million for Series 1 BASIC notes, each worth $115,000, for large-scale purchases of ASICs and storage, which will be sold back to the market as hardware demand picks up in 2024 . The 24-month investment note will be open to qualified international investors. According to Macedonio, the price of ASIC mining machines is only 10% of the December 21 high. Many companies have mortgaged Bitcoin and borrowed excessively, and banks have a large inventory of mining machines after being liquidated by the market downturn. (Cointelegraph)