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iMining Announces Acquisition of Validators, Securing the Ethereum Proof-of-Stake Blockchain

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Vancouver, British Columbia–(Newsfile Corp. – August 17, 2021) – iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining“) is pleased to announce that it has entered into a letter of intent dated August 16, 2021 (the “LOI”) with 2860336 Ontario Inc. (the “Seller”), to acquire three validators which are securing the Ethereum Proof-of-Stake blockchain (the “Acquisition”). These three validators, together include 102.184 Ethereum tokens, valued at $462,500 (at the time of acquisition) which iMining will acquire in consideration of issuing 2,500,000 shares.

The Ethereum blockchain is transitioning from a Proof-of-Work (physical machines) mining to a Proof-of-Stake (cloud-based) mining, called staking, whereby an investor is required to deposit 32 Ethereum into the Eth2.0 deposit contract to setup a validator. Each validator is then required to attest transactions for which the Ethereum blockchain pays rewards to the validator. To date, more than CAD $28 billion have been staked to secure the Ethereum Proof-of-Stake blockchain. Currently, the Ethereum blockchain is rewarding approximately 5.9% return in Ethereum to all validators active on the Proof-of-Stake chain.

“The acquisition of these validators will bring immediate and future benefits to iMining while contributing to the security of the Ethereum Proof-of-Stake blockchain,” stated Gary Arca, CFO of iMining.

The Acquisition allows iMining to purchase 102.184 Ethereum, which are already staked on the Eth2.0 deposit contract and earning a reward for attesting transactions, without using its cash reserves to acquire the Ethereum, or paying fees charged by various exchanges or over-the-counter service providers.

The validators are currently running at 100% efficiency and have had no penalties or slashing against them. As the current wait time can be up to ten business days to activate a validator, iMining will have no delays since it is purchasing validators which are already active.

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Conditions for Closing
The LOI provides that closing of the Acquisition is subject to several conditions including, among other things: (i) receipt of all regulatory approvals, including the TSX Venture Exchange; and (ii) requisite corporate approval of the various transactions contemplated by the Acquisition, from the directors and shareholders of iMining and the Seller, as applicable and required.

The acquisition of the three validators can be considered a “related party transaction” in that the Seller is controlled by the Company’s President & CEO. The Company expects to rely on the exemptions in MI 61-101 as to the requirements for a formal valuation and shareholders’ approval pursuant to sections 5.5(a) and 5.7(1)(a) respectively (the fair market value being less than 25% of the Company’s market capitalization).

About iMining Technologies Inc.
iMining Technologies Inc. is a growth oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly owned subsidiaries, the company provides retail and institutional investors a safe and secure way to stake, mine and exchange digital assets using proprietary and secure solutions. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.

ON BEHALF OF THE BOARD

Signed “Saleem Moosa
Saleem Moosa, Director

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FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Robert Eadie, Director
Email: [email protected]
Telephone: 1-604-602-4935 ♦ Facsimile: 1-604-602-4936
Toll Free: 1-866-602-4935

Evan Eadie, Corporate Development
Email: [email protected]
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93402.

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Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape

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Blockchain

Bybit One-Click Buy Offers a Winning Chance in First-Time Deposits Lucky Draws

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Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)

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blocks-&-headlines:-today-in-blockchain-(blackrock,-plume,-sealsq,-hedera,-deutsche-bank,-kucoin)

 

Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:

BlackRock ETF Embraces Blockchain with First Muni Bond Purchase

BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.

By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.

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Source: Yahoo Finance

Plume Secures Funding for Tokenization Platform

Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.

Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.

Source: Fortune

SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips

SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.

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As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.

Source: The Quantum Insider

Deutsche Bank’s Public, Permissioned Blockchain Initiative

Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.

The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.

Source: CoinDesk

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KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands

Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.

By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.

Source: PR Newswire

Industry Implications and Key Takeaways

Today’s developments highlight the transformative potential of blockchain across multiple domains:

  1. Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
  2. Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
  3. Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
  4. Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
  5. Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.

The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.

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