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A notable blockchain tech company, Blockstream, has initiated steps to gather a hefty $50 million. The purpose is to acquire mining equipment that they believe is underestimated in the market.
The exclusive scoop was made available when James Macedonio, the lead for Blockstream mining sales, shared details with Cointelegraph. He explained Blockstream's ambition to tap into the evident difference in the Bitcoin value and that of ASIC mining devices.
In a move to achieve this, Blockstream and STOKR, a digital securities platform based in Luxembourg, will introduce the Blockstream ASIC (BASIC) Note. The initial plan revolves around securing a neat $5 million for their Series 1 BASIC Notes, priced at $115,000 each. The objective is to buy these ASICs in bulk and then reintroduce them to the market when the demand surges, projected to be in 2024.
The BASIC Note, available for a 24-month duration, is specifically for recognized global investors. Furthermore, Macedonio is confident that the company could see significant returns between 12 to 18 months, taking into account the upcoming Bitcoin mining reward halving planned for April 2024.
When it comes to the BASIC's purpose, it is to serve as a Bitcoin-centric investment tool designed for bitcoin-on-bitcoin yields. Blockstream also projects that a vast majority of these investments will be made in BTC.
Macedonio highlighted the current scenario where ASIC miners, the dedicated devices for mining Bitcoin, are priced much lower now than their high in December 2021. Several factors, including companies leveraging Bitcoin and then defaulting, led to an influx of miners in the market. The challenge posed by the skyrocketing energy costs in 2022 further complicated things for Bitcoin miners. This situation contributed to an excessive availability of ASIC miners in the market.
Blockstream is hopeful about a positive shift in ASIC hardware pricing. They aim to gather funds to buy this hardware, which will be stored in bonded warehouses. The strategy involves achieving the $50 million target in increments of $5 million.
