Genesis Mining Technologies Currently Butte Energy Announces Go-Public Transaction For Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader

Highlights:

  • Entire portfolio of Genesis Mining Group’s cryptocurrency-related intellectual property to be taken public, together with more than 200MW pipeline of contracted, green-powered cryptocurrency data centre construction and expansion projects in Europe and North America
  • Resulting issuer will bring to market turnkey financing and technology solutions for cryptocurrency data centre operators around the world, leveraging Genesis Mining Group’s pioneering proprietary software platforms Hexa, Janus, and Block Explorer, and supply-chain relationships built over nearly a decade in the industry
  • Genesis Mining Group Founder and CEO, Marco Streng, to be appointed as Chairman
  • C$20 million private placement financing

VANCOUVER, BC and BIRKIRKARA, Malta, Feb. 12, 2021 /CNW/ – Butte Energy Inc. (TSXV: BEN.H) (the “Company” or “Genesis Mining Technologies“) (being renamed Genesis Mining Technologies Corp.) has entered into an arms-length, legally binding letter of intent dated February 12, 2021 with Genesis Group Limited (“Genesis Mining Group“) to acquire (the “Transaction“):

    1. all of Genesis Mining Group’s intellectual property relating to cryptocurrency mining operations, including its proprietary (i) datacentre construction, layout, and cooling system known as “AC/DC”; (ii) datacentre monitoring and optimization software platform known as “Hexa”; (iii) blockchain data analysis tool known as “Block Explorer”; and (iv) cryptocurrency market forecasting software platform known as “Janus”; and
    2. all rights to Genesis Mining Group’s more than 200MW pipeline of contracted cryptocurrency mining data centre construction and expansion projects in Europe and North America.

The Company

Leveraging its pioneering, proprietary software platforms and supply-chain relationships built over nearly a decade in the industry, Genesis Mining Technologies intends to bring flexible, turnkey financing and technology solutions to cryptocurrency data centre operators around the world. Genesis Mining has serviced over 2,000,000 customers since its founding in 2013 and has established a broad network of partner data centre operators globally.

“This go-public transaction marks a pivotal next step in Genesis Mining Group’s history and will be a gamechanger for the cryptocurrency mining industry,” commented Marco Streng, Founder and CEO of Genesis Mining Group and incoming Chairman of the Company. “We believe that cryptocurrencies will be at the centre of the future of global commerce.

However, the integrity of this system requires computing infrastructure that is decentralized, optimally architected, and powered sustainably with green energy. With Genesis Mining Technologies’ turnkey solutions, existing operators and new entrants with access to cheap, green power can obtain the financing, procurement, and operational ingredients to compete with the world’s leading miners, in one stop.”

The Company will constitute Genesis Mining Group’s core business going forward, with all future mining operations and financing transactions to be structured such that economics will accrue to the Company solely, with Genesis Mining Group’s exposure being through its shareholdings in the Company.

Concurrent with closing of the Transaction (“Closing“), Genesis Mining Group (or its affiliates and principals) will be issued such number of shares of the Company as will constitute approximately 80% of the issued and outstanding common shares following completion of the equity financing and consolidation (described below). Closing is subject to receipt of TSXV approval, completion of definitive documentation, any requisite shareholder approvals, and completion of the consolidation and equity financing.

The Business Model and Pipeline

With the global market capitalization of cryptocurrencies recently topping US$1 trillion1, and Bitcoin (BTC) and Ethereum (ETH) hitting all-time-highs, Genesis Mining Technologies intends to provide investors with de-risked exposure to a diversified portfolio of cryptocurrency mining assets and financing and technology licensing structures with third party partners. The Company will provide investors with direct exposure to cryptocurrency price performance, focusing its business model on driving free cashflow.

The Company’s current pipeline consists of five anticipated deals in Europe and North America, with a more than 200MW supply of cheap, green power already under contract. The Company will use these internally generated opportunities to develop and pilot its financing and technology solutions. These initial projects may take a variety of ownership and financing forms, but the Company intends to focus its efforts on rolling out its solutions at scale by partnering with other established miners and new entrants to the market.

The Company’s solutions will be focused on operators of green powered cryptocurrency infrastructure projects around the world to provide (i) flexible financing solutions for new buildouts and expansions, (ii) procurement of the right mining hardware for the project, benefitting from Genesis Mining Group’s know-how and supply chain relationships built over years of being one of the top miners globally, and (iii) optimization of operations through access to the Company’s technologies, including its AC/DC, Hexa, Block Explorer, and cryptocurrency market forecasting platform.

Management and Board

The Company will appoint an experienced management team and board of directors on Closing consisting of principals from the Company and Genesis Mining Group, including incoming Chairman Marco Streng.

Marco Streng is a crypto mining industry pioneer and Founder and CEO of Genesis Mining Group. In 2013, he co-founded and launched Genesis Mining, bootstrapping the organization into becoming one of the largest crypto mining companies in the world serving over 2,000,000 customers.

Tillmann Korb will be appointed as the Company’s Chief Executive Officer. Mr. Korb holds a Master’s degree in mechanical engineering. He studied at the Technical University of Munich and École Central Paris. His professional career started in strategy and management consulting, with a focus on the German automotive industry. He has been a cryptocurrency and blockchain enthusiast since the early days. Motivated by the urge to turn his private enthusiasm into a professional career, he started his engagement for Genesis Mining Group as Regional Manager for North America, developing cryptocurrency data centers and business relations. He was key in pivoting Genesis Mining Group’s business model to providing mining technologies and financial resources to its established partner network.

Consolidation and Financing

On or before Closing, a consolidation of the Company’s issued and outstanding share capital on the basis of one new common share for every four outstanding common shares will be completed. No fractional shares will be issued under the consolidation and any fraction will be rounded to the nearest whole number.

In connection with the Transaction, the Company will complete a private placement financing of subscription receipts (“Subscription Receipts“) at a price of C$1.00 per Subscription Receipt for aggregate proceeds of C$20,000,000, subject to the approval of the TSX Venture Exchange (the “Exchange“). Each Subscription Receipt will convert into one post-consolidation common share of the Company immediately prior to the completion of the Transaction. Proceeds from the financing will be used to commence initial deployments of capital into Genesis Mining Technologies’ existing pipeline and for general working capital.

Trading in the common shares of the Company has been halted in accordance with the policies of the Exchange and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange and permission to resume trading has been obtained from the Exchange. Since the common shares of the Company are listed on the NEX market of the Exchange, and the Transaction does not constitute a Related Party Transaction under the policies of the Exchange, the Company is not required to seek shareholder approval for the Transaction.

For corporate updates, please register to our mailing list at genesis.tech.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

ON BEHALF OF Butte Energy Inc.
(to be renamed GENESIS MINING TECHNOLOGIES CORP.)

“Geir Liland”

CEO and Director

For further information: Geir Liland, Tel: (604) 609-6110

Source: Genesis Mining Technologies (currently Butte Energy) Announces Go-Public Transaction for Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader, Genesis Mining Group

.

 

Iceland’s Giant Mining Farm Beats The Crypto World

Working around the clock, seven days a week, the computers were part of the largest concentration of Bitcoin mining power in the world. By solving and packaging complex “blocks” of encrypted data, the machines helped secure and expand the worldwide network of digital currency. And in return for their work, they generated vast fortunes for their owners. The Genesis Mining, operated by Iceland’s largest IT provider, pulled in what’s estimated to be millions a year.

Enigma is one of the largest cryptocurrency mining facilities in the world. First built to exclusively mine Ethereum, the facility is being continuously upgraded for mining state-of-the-art Blockchain technology. Enigma’s computational performance is achieved with specifically designed mining rigs that efficiently mine hashing algorithms for various cryptocurrencies such as Zcash, Dash, Monero and others. The Enigma facility is powered by geothermal energy, and resides in the capital of Iceland.

 Some see cryptocurrency as an answer to the volatility of unbacked, non-scarce paper currency. Cryptocurrency is scarce by design, meaning that it is not subject to the dilution caused by expanding the supply of money supply—that is, cryptocurrency is not subject to inflation as we understand it. For this reason, many are turning to cryptocurrency as a hedge against increasingly volatile fiat currencies including the U.S. dollar.

When we launched Genesis Mining over six years ago, we set out to build the largest and most trusted crypto mining company in the industry.

Today we proudly serve over 2,000,000 customers, employ hundreds of people, and manage  over a dozen large-scale data centers across our three core divisions — hosted mining which makes up 20% of our business, farm management for institutional clients, and our self-mining facilities, the biggest part of the business.

While these numbers are validating, our team is driven by far more than revenue metrics and customer growth. We are driven by our strong belief that the need for decentralization has never been greater than it is today and that blockchain has the power to solve many of the problems caused by centralization.

Over the past few years, we’ve seen organizations of all sizes announce initiatives that promote corporate social responsibility and aim to make the world a better place. Seeing these initiatives inspired us to begin exploring different opportunities that would allow us to give back. 

As the industry leader in institutional crypto mining, we view it as our moral and ethical responsibility to push the industry forward and proactively look for ways to support research and causes that we believe will make the world a better place. 

While there are many clear use cases for how our computing power can be leveraged, we’re open to hearing from any and all researchers, governments, and organizations who could benefit from what we have and would like to explore partnering together in ways that will move the world forward. 

Bitcoin is beautifully transparent in how it operates. It depends upon a mathematically controlled scarcity mechanism called “blockhalving” in order to sustain its value into the future. Blockhalving reduces the reward for mining new BTC by 50% every 210,000 blocks. Current production is at 1,800 BTC per day right now, and will stay that way until the next blockhalving in May 2020. Knowing everything we know right now, we can determine that it will take until the year 2140 for miners to actually mine the last Bitcoin.

Yes, we’ve mined 85 percent of the world’s most popular cryptocurrency. But it’s still going to take more than a hundred years to reach 100 percent, and even after this point of no return, miners will still have opportunities to generate revenue. They’ll simply move from solving complicated math problems that create new BTC to instead solving complicated math problems that confirm transactions on the network, collecting rewards in the form of transaction fees for their role in supporting the network. At such a time when Bitcoin reaches full maturity with 21 million BTC in the wild, there’s bound to be a lot of transactions to process.

It won’t be the end, it will be a new beginning in which cryptocurrency is far more ordinary and mainstream. With that in mind, here are three actionable takeaways for the crypto enthusiasts wondering what to do in response to this 85 percent news item.

Mine while you still can.

As described above, the Bitcoin mining is going to continue for quite some time and can’t accurately be described as done. With 15 percent of the total supply remaining, the crypto community still stands to generate some 3,150,000 BTC before this game is truly over. With BTC price lately holding around $10,000, there’s more than $31 billion up for grabs at today’s market prices. There’s no telling how this value will change going forward. Grab some while you still can!

Bitcoin mining is a much different game with 15 percent of the supply remaining versus when there was still 100 percent remaining. You nowadays need high-powered hardware in order to compete against the centralized commercial mining operations that benefit from economies of scale. These pay less for the electricity that powers their mining rigs, and they run lots of them at once. You might consider getting an ASIC mining device in order to stand a chance of successfully earning some Bitcoin for yourself, or you can rent access to supercharged offsite hardware by engaging a cloud mining company.

Source: Genesis Mining Corp.

.

.

.

.

Why Empathy Is One of the Most Overlooked Skills in Business

1

It was a sunny day in April. The air was crisp and the walk ahead of us enjoyable.I stared at the beautiful Embarcadero situated near our office, feeling grateful for working close to such a stunning view.

Then I shifted my gaze over to Tim, my walking mate for the afternoon. We were on one of many walking meetings we’d shared over the past year. But this time was different. Tim, a normally talkative employee, was dragging his heels and appeared disgruntled whenever I asked for status updates. He kept his head down, answering only in curt replies.Something was off.

As his supervisor, I could have easily approached his behavior with a stern stance, by grilling him, or asserting my authority. But 14-plus years of have taught me one thing: A harsh, adversarial response is never the answer.Instead, I slowed my pace and asked him how things were going at home. “Is everything OK?”

Tim confided then that his father had recently had a , and that he was taking turns spending nights at the hospital, leaving him tense and run-down. I nodded. “I’m so sorry, that sounds very hard.”“How can I support you?” I offered.

We spent some time talking over how to alleviate some of his load at work, and even scheduled some days off for him to be with his family.After our conversation, it was as if a weight had been lifted. In our meeting afterward, he began eagerly participating, even offering feedback I hadn’t asked for.

Showing genuine care and concern only took a few seconds of my time, but it was enough to let Tim know that I was on his side.

One of the most overlooked skills in business

Empathy — the capacity to recognize and understand other people’s feelings, to “put oneself in someone else’s shoes” is a critical leadership skill. tells us that it’s a basic human quality most founders would have in their arsenal, but in fact, it’s one that many leaders often get wrong.

In a commencement speech on June 15, 2014, American business magnate and philanthropist, , stood before an audience of Stanford grads and spoke of channeling optimism into a conviction to make things better.

“If we have optimism, but we don’t have empathy,” he said, “then it doesn’t matter how much we master the secrets of science. We’re not really solving problems; we’re just working on puzzles.”

This has been true to my experience as the CEO of my company . We started with one goal: Create a drag-and-drop tool that enabled people to quickly build forms, even if they didn’t know how to code. As a software engineer, I’ll be the first one to say I’m the biggest nerd I know. I enjoy taking a complex issue and making it easy and accessible.

I’ve had the privilege of growing our small startup to a business with over 250 employees and seven million users worldwide. And what I’ve learned from being a founder all these years is that people, not software, matter most. Connecting with our team and our customers is the real vision that keeps us moving forward. I believe the secret to our success lies in empathy.

bitmax2

Beyond sympathy

Our culture admires a certain business stereotype: the die-hard leaders who push the envelope and only care about themselves. But at what price? A shortage of empathy in the workplace accounts for an increasing lack of employee engagement, which impacts productivity. This costs businesses more than $600 billion per year.

How does this happen? Simple: by confusing empathy with sympathy. Sympathizing — feeling sorry for an employee’s situation isn’t the same as understanding their feelings and needs, or building rapport.

Instead of becoming annoyed with their employees or commanding them to pick up the slack, effective leaders know how to express themselves by showing real concern and asking how they can improve the situation.

While valuable, sympathy is only a surface-level response that keeps you at a distance. Empathy, on the other hand, is a perspective shift — it’s genuinely imagining yourself being in the other person’s shoes, and allows you to connect on a deeper level.

Aytekin Tank

By:

Source: https://www.entrepreneur.com

GM-980x120-BIT-ENG-Banner

728x90

You’ll be much more successful with your sales and marketing efforts if you’re genuine. And how do you become more genuine? ✨👉 Empathize. Check out Bob here: https://www.instagram.com/bobbonniol/ https://bonniol.com

U.K. Economy Plunges 20.4% As Global Stocks Waver Over Fears Of Second Wave

1

Latest statistics from the U.K.’s Office of National Statistics show the true cost of a full month of lockdown measures which led to the closure of all non-essential businesses.

KEY FACTS

“April’s fall in GDP is the biggest the U.K. has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-Covid-19 fall. In April the economy was around 25% smaller than in February,” said Jonathan Athow, Deputy National Statistician for Economic Statistics.

The statistics were worse than expected than economists surveyed by Reuters who predicted a 18.4% drop.

The OECD had warned that the U.K. was the developed economy likely to suffer the worst economic impact from the pandemic with the Paris-based think tank forecasting a 11.5% drop in GDP over 2020.

Italy, which was the first country in Europe to be impacted by the pandemic, was expected to see a 11.3% drop in national income, while the United States would see a 7.3% fall over the year.

bitmax2

The slump in national income during the pandemic outpaced even France, Spain and Italy, which had imposed far stricter lockdown measures. U.K. for the first quarter of 2020 plunged 10.4%, ahead of France’s 5.8% drop and Italy’s 4.7% retraction.

European stocks fell on the news of the bleak economic data from U.K., and the worst day on Wall Street since March with the S&P 500 closing 5.9% lower on Thursday. London’s FTSE 100 was down 1.15%, the Europe-wide STOXX Europe 600 index fell 4.10% while Japan’s Topix index closed down 1.15%.

Key Background

Today’s economic data will make bleak reading for Prime Minister Boris Johnson who is facing mounting criticism for his handling of the pandemic even from inside his own government. The U.K. has now logged 41,128 deaths from the coronavirus, the highest toll in Europe and second in the world behind the U.S., while facing an immense economic hangover from placing its economy on life support. Economic data for June is likely to show growth springing back as stores are allowed to reopen on June 15, but a key question will be how many job losses will be made permanent, and how more money will the British government and the Bank of England need to pump into lifelines to businesses and workers.

Send me a secure tip.

I joined Forbes as the European News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe. Prior to joining Forbes, I worked for the news agency Storyful as its Asia Editor working from its Hong Kong bureau, and as a Senior Editor in London, where I reported on breaking news stories from around the world, with a special focus on how misinformation and disinformation spreads on social media platforms. I started my career in London as a financial journalist with Citywire and my work has appeared in the BBC, Sunday Times, and many more UK publications. Email me story ideas, or tips, to iain.martin@forbes.com, or Twitter @_iainmartin.

728x90

GM-980x120-BIT-ENG-Banner

U.K. GDP shrank by 2.0% in Q1, largely because of the coronavirus pandemic. George Buckley of Nomura says there is more bad data to come – but the economy could bounce back next year.

Bitcoin Is Shaping Africa’s Affairs According to a New Amazon Prime Documentary

1

On Friday, May 22, a new Tamarin Gerriety-shot documentary, Banking on Africa: The Bitcoin Revolution, will launch on Amazon Prime. The film depicts the full extent of crypto adoption in Africa and how digital currencies, specifically Bitcoin, are shaping lives in the region. Also launching on the same date will be a comprehensive research report by Arcane Research that covers the state of cryptocurrencies in the continent.

Produced by the award-winning house, Documinute, Decrypt reports that the film explores how digital currency users in the continent are using cryptocurrencies to overcome challenges such as poor infrastructure, mismanagement of resources, and the high remittance fees.

Tackling High Remittance Fees Through Bitcoin and Crypto

On average, the cost of sending funds from the diaspora to Africa is painfully expensive considering that up to 41 percent of sub-Saharan Africans live on less than $1.9 a day according to a World Bank study. This is below the extreme poverty line by the World Bank’s standard. Cumulatively, the study further adds that slightly over 700 million people across the globe live in extreme poverty.

Cryptocurrencies bypass the middleman through decentralization and distribution. Compared to centralized institutions, crypto platforms are cheaper and relatively fast to transact from. Even though Bitcoin transaction fees have been rising in recent times, ballooning to $6.4 on May 19, a network change could see fees drop to within the $0.5 to $1 range.

Digital current networks are therefore a relief for people and institutions in the continent who have to put up with high transaction fees while remaining under-served by banks. Up to 66 percent of the population south of the Sahara desert doesn’t have a bank account. On average, the Arcane Research reports reveal, remittance firms charge a 9 percent fee, roughly 2 percent higher than the global average.

Blockchain Projects in Africa Are Successful

Even so, the inadequate and sometimes the lack of basic infrastructure is slowing down the penetration of cryptocurrencies and forcing blockchain projects to reconsider their plans. For instance, the low electricity penetration in the zone could prove a hindrance.

Still, for what Africa offers—judging from the success of several blockchain platforms as Akoin and Sun Exchanges, Africans desperately need an option to overcome current impediments.

Promisingly, recent statistics drawn by Paxful , LocalBitcoins & GenesisMining Bitcoin exchanges, and published by Useful Tulips in early May 2020 showed that Bitcoin trading volumes from sub-Saharan Africa topped $13 million—a new high.

By

Source: https://btcmanager.com

GM-980x120-BIT-ENG-Banner

0:20 – Introduction to ‘Mass Adoption in Africa 1:56 – “Why Africa matters to you?” 3:58 – What parts of Africa is blockchain being implemented? 6:35 – IOHK Implementing change in Ethiopia 8.23 – Mickey Watkins on World Mobile Change 11.14 – Richard Ells, Electroneum on ETN 11.35 – Akon on what, when and where 15:09 – Akon on including Africans in the project 16:47 Mickey Watkins ‘the government need transparency’ 19:42 Mass adoption of Africa in blockchain

%d bloggers like this: