I am pleased to announce that CipherMine shall be issuing a virtual corporate bond on BTC Trading Co in order to raise growth capital.

Herein all EUR/BTC valuations refer to the 30-day weighted moving average of BitStamp's USD/BTC price converted to EUR at the current rates according to XE.com. For the purposes of the examples below we have used a price of €85.00 EUR/BTC.

100,000 bonds are to be created priced at 0.01 BTC each. The terms of the bond are as follows:

• An interest rate of ~22%/year (0.38%/week) based on EUR/BTC value at time of issue (eg. ~€0.0032 / bond / week).
• Dividends to be paid weekly.
• Bonds to be issued in tranches at discretion of CipherMine management; they shall only be issued if the management is satisfied that they can be repaid and that there is a useful way to spend them.
• After 12 months, each bond may be redeemed at any time by bondholder for 0.01 BTC.
• If before 12 months, three months notice is required to redeem bonds and rights to interest waived during that period.
• Bonds may be sold on the market at any time with no penalty.
• CipherMine has the right to redeem any bond in full with one month's notice to the bond holder at face value plus 12% less the number of months since issue.
• For example, after three months the redemtion value would be 0.0109 BTC/bond, and after 12 months the redemption value would be 0.010 BTC/bond. The redemption value will always be at least 0.010 BTC/bond.
• The bonds shall be secured against the assets purchased with the funds.
• Changes to the bond's shareholder contract would require approval both by a majority of CIPHERBOND bondholders and a majority of CIPHERMINE shareholders.
• Only CIPHERMINE shareholders would have the power to veto a motion (>25% voting against).

For further details please see CIPHERMINE.B1 on BTC TC.