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Global Blockchain Technologies To Spin Out Blockchain Mining Unit

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Global Blockchain Technologies Corp. or GBT, plans to spin out its unit Global Blockchain Mining Corp. or GBM, as a publicly listed Canadian company, along with all of its mining interests.

The mining division will offer pure mining play with combined access of 175 MW of low-cost reliable power in Montana, Manitoba, and Mozambique.

Every share of GBT will entitle the holder to one share of GBM. The spin-out and standalone listing is subject to regulatory approval and the approval of shareholders at the meeting to be held April 10. 2018.

The plan followed GBM's acquisition of a 49.9 percent interest in Coinstream Mining Corp., the world's first cryptocurrency mining company. GBM now announced it will acquire 100 percent of Coinstream to add a further 75 MW power. The acquisition will see GBT issuing 32.5 million common shares of its common stock to Coinstream shareholders.

Meanwhile, Coinstream also acquired a 25 percent interest in Distributed Mining Inc., a blockchain software company creating software that enables all devices to have the ability to participate in mining cryptocurrency.

This investment in Distributed Mining will entitle Coinstream to a board seat. The agreement also includes a participation provision to maintain its 25 percent interest, or greater in the future.

The blockchain software will be available for downloaded through Distributed Mining, or via their partner sites. Connected devices will then be able to activate mining operations via their devices, including Mobile Phones, Gaming Consoles, etc.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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