The Blockstream Mining Note (BMN) offers dynamic exposure to Bitcoin hashrate through a security token on the Liquid Network, allowing qualified investors to bypass the costly overhead of running their own mining operation. In addition to making it easier to participate in mining and lowering the risks for investors, the BMN strengthens Bitcoin's security and censorship resistance. Tip: Read the full pitch and read listing documents on STOKR. Bitcoin Mining Is in Our DNA Blockstream founder and CEO Dr. Adam Back's proof-of-work algorithm, Hashcash, was cited by Satoshi Nakamoto in the Bitcoin whitepaper as the future basis for its mining function. Expanding Participation, Promoting Decentralization We began Bitcoin mining operations and colocation in 2017, motivated by the concern that mining decentralization was declining and wanting to remove the high barrier of entry for aspiring miners. The BMN continues this legacy by expanding our mining services to investors through a simple security token purchase. Note: From a Bitcoiner perspective, the BMN creates a win-win for investors and the broader ecosystem by expanding investor participation in Bitcoin's proof-of-work. Enterprise-Grade Mining Facilities Our experience building mining infrastructure has given us a wealth of technical expertise to deliver world-class mining services to clients. We are the only mining colocation provider that can meet the largest financial institutions' compliance requirements worldwide through live performance reporting and tight onsite security. Blockstream's highly-optimized and secure facilities are already trusted by some of the Bitcoin industry's leading institutions for their mining needs. Security Tokenization Benefits By securitizing hashrate on the Liquid Network, investors can adjust their exposure to Bitcoin mining based on market conditions by trading the BMN tokens peer-to-peer or on secondary markets, such as Bitfinex Securities and SideSwap. As a security token on Liquid, BMN supports: 24/7 trading, 365 days a year. P2P trading in denominations of 0.01 BMN. self-custody in Blockstream Green and/or offline storage on the Blockstream Jade hardware wallet. private trades using Confidential Transactions. on and off-ramps with L-BTC and stablecoins such as USDt on secondary markets. trustless atomic swaps natively. Tip: The Blockstream Finance Telegram is the go-to place to discuss the BMN, investment strategy, and to share modeling and analysis. Built on Bitcoin The Liquid Network is a Bitcoin layer-2 solution and sidechain that enables the fast, confidential settlement and issuance of digital assets, such as stablecoins, security tokens, and other financial instruments. As Bitcoin's first and leading sidechain, Liquid shares the mainchain's opcodes and benefits from Bitcoin's robust security model due to its native currency (L-BTC) being a 1:1 peg of Bitcoin. A Growing Liquidity Pool Liquid's governance and security model is supported by a distributed federation of more than 60 Bitcoin-focused companies, including exchanges, financial institutions, and wallets. As more Liquid Federation members integrate the BMN, investors will have access to more liquidity on a growing number of exchanges and platforms. Tip: Review the table here to see all the platforms where BMN is currently supported. Regulatory Compliance The BMN is a registered security complete with an International Securities Identification Numbers (ISIN) issued through a Luxembourg Securitization Fund sponsored by STOKR. Confidential Transactions Sensitive financial data, such as the transfer amount and the asset type, are kept private through cryptographic blinding technology called Confidential Transactions. This keeps investor data from hostile third parties, allowing for a more discrete point of sale and preventing front-running and other market manipulation. Fast, Final Settlement Security tokens on Liquid can be transferred with two-minute transaction finality, a fraction of the time required compared to legacy securities platforms that can take days to finalize a settlement. Dynamic Investment Strategy When looking at previous 36-month cycles, investors with a buy-and-hold strategy spent most of the period underwater. In contrast, a mine-and-hold investment demonstrated a faster return to profitability and a better end-of-period return. Since 2014, mining has averaged 60% of Bitcoin's price upside while at the same time offering significantly lower volatility of returns, especially in the final 12 months of an investment cycle. By adding in the cost of mining hardware and hosting, we can compare a traditional mine-and-hold investment (value of BTC production only) with a BMN investment (BTC production + mining hardware + hosting costs). The improved liquidity made possible by the BMN security token allows investors to unlock the value of hardware and hosting costs, which may add more fundamental support to the BMN price. Note: This analysis may prove conservative in times of constrained hardware availability and rising hosting costs. For further information, watch the AMA with STOKR, a good companion piece that touches on many of the topics mentioned above and more.