RATE Group | Denver startup looks to use cryptocurrency to fund mining
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Denver startup looks to use cryptocurrency to fund mining

20 Sep Denver startup looks to use cryptocurrency to fund mining

Posted at 13:53h in Cryptocurrency News by

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Bitcoin uses increasingly complex computations to “mine” new coins, consuming vast amounts of electricity and server time to create a digital currency people are willing to own.

A Denver-area startup wants to turn the whole equation on its head, taking money raised from a crypto offering to fund oil and gas wells, precious metal mines, clean energy technology and blockchain software development. The revenues those investments generate would in turn support the value of the new cryptocurrency.

“A lot of people are questioning what it is that gives bitcoin its value,” said Alan Forbes, a co-founder and president of Denver-based Global Blockchain Assets. “Bitcoin and ethereum are fiat currencies. There is nothing backing them.”

Earlier this month, GBA launched an initial coin offering of its Xscrip token. The goal is to raise $45 million for its parent company, Blockchain Holdings Inc., so it can invest in a mix of revenue producing assets, primarily those of Independent…

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