GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (OTC: BLKCF) (TSX-V: BLOC) ("GBT" or the "Company") is pleased to announce that cryptocurrency miner Coinstream Mining Corp. ("Coinstream") has entered into an agreement with Distributed Mining Inc. ( "DMI"or Distributed Mining) for an investment of common shares. The agreement will see Coinstream purchase 1,000,000 common shares, for $1,500,000, representing a post-money interest of 25% of DMI. Subject to closing of the transaction press released on November 11, 2017, GBT will acquire 49.9 per-cent interest in Coinstream.
This investment in DMI will entitle Coinstream to a board seat. The agreement also includes a participation provision to maintain its 25% interest, or greater in the future.
DMI is a blockchain software company creating software that enables all devices the ability to participate in mining cryptocurrency. The software will be available to be downloaded through Distributed Mining, or via their partner sites. Connected devices will then be able to activate mining operations via their devices, (including but not limited to Mobile Phones, Gaming Consoles etc.)
Distributed Mining would allow anyone with a connected device to download and install a software packet giving them 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 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.
Shidan Gouran, President of GBT noted "Distributed Mining represents a promising possibility of a new level of accessibility to the cryptocurrency world. With over $10 billion dollars worth of digital tokens changing hands daily, the crypto mining world has been firmly in the domain of only those with powerful computing rigs designated specifically for cryptocurrency mining.
Distributed Mining is an exciting opportunity because it opens up the mining world to the algebraically demonstrable power of numbers by enabling any individual with a connected device to participate in cryptocurrency mining, in partnership with DMI, leveraging immense non-specific use existing computing power and eliminating the tie to the requirement for huge and expensive sources of power required by traditional miners. We believe that this has the potential to significantly alter the mining landscape."
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