Graph Blockchain (CSE: GBLC) this morning announced that it will be leveraging proof of stake mining. The announcement will see the company become the first publicly traded altcoin proof of stake miner, providing exposure to alternative digital currencies that still consist of some of the top currencies by market capitalization in the field.
The mining, which is to occur through the recently acquired Babbage Mining Corp, will place the company in a space that to date has been underserved by public market operators. The company is currently in negotiations with several leading digital currency exchanges in which it will deploy capital into altcoins using proof of stake.
Proof of stake, as per the company, “asserts that one can mine or validate block transactions according to how many coins you hold.” In short, this means that the more altcoins owned by a miner, the larger the mining capacity of the miner. As such, its essential that the company rapidly gains exposure to such altcoins that it intends to mine that operate under a proof of stake concept.
“There has been a strong amount of support and enthusiasm from shareholders and I’m incredibly pleased that the market understands and appreciates the path we have chosen. We will continue to provide shareholder value and look forward to growing our exposure to the cryptocurrency and Blockchain markets.”
Andrew Ryu, CEO of Graph Blockchain
Graph Blockchain last traded at $0.35 on the CSE.
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