Friday, October 13, 2017

Financier who made a fortune in gold mining is shifting his sights to cryptocurrency mining

One of the original investors in the world's largest gold mining company is now shifting his sights towards cryptocurrency mining as Canadian mogul Frank Giustra is reported to now be investing in an up and coming Blockchain developer known as Hive Blockchain Technologies Inc..

Giustra is very well known in the financial world as his exploits include the development of Goldcorp, and film producer Lions Gate Entertainment.  And he is also very close friends with Bill Clinton and George Soros making him a powerful insider to both Wall Street and the political sphere.

Frank Giustra, the Canadian mining maverick who amassed a fortune building what would become one of the world's largest gold companies, is digging for another kind of gold: cryptocurrencies. 
The company he's backed, Vancouver-based Hive Blockchain Technologies Inc., is among the first publicly traded stocks to provide exposure to cryptomining – the vast data crunching needed to verify the blockchain and the volatile currencies they produce, such as bitcoin and ether. 
Mr. Giustra helped build the company that would become Goldcorp Inc. then founded film studio Lions Gate Entertainment Corp. He counts Bill Clinton and George Soros among his close pals. Those connections may position him to grasp a nascent corner of finance and navigate bitcoin's uncertain regulatory waters. Mr. Giustra didn't respond to a request for an interview. 
Blockchain is the technology used to verify and record transactions on a public, online ledger. "Miners" use computers to solve complex math problems to verify transactions, earning a reward of a newly issued coin, such as bitcoin or ether. Hive paid Hong Kong-based Genesis Mining Ltd., builder of the world's largest ether mining facility, $9-million and gave it a 30-per-cent stake to acquire a new data centre in Reykjanes, Iceland. 
There, Hive plans to mine different cryptocurrencies, depending on which ones offer the best margins and build an inventory of coins on the expectation they'll appreciate. – Globe and Mail
Outside of simply buying a majority share of available Bitcoins or other cryptocurrencies, digital mining on the Blockchain is the next best thing to being able to corner a large portion of a given crypto market, and to be able to eventually financialize cryptocurrencies on Wall Street and other global markets.

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