HomeCryptoMiningCME might start mining bitcoin

CME might start mining bitcoin

A candidate for the Board of Directors of the CME Group suggested that the company should also perform bitcoin mining

This is Dante Federighi, co-founder of Fortezza Forza RMC Fund LLC and member of CME since 1997, who in an open letter to CME shareholders asking for a vote in support of his candidacy explicitly suggested investing in cryptocurrency mining activities. 

“Some of our largest investors, i.e. BlackRock, are shifting investments to companies focused on creating value for all their stakeholders. The CME Group needs to get in front of this trend by building solar/wind/hydro energy plants to power our global operations. Then divert the excess energy to mine Bitcoin and other crypto currencies. While this seems outside of our core competencies, I’d argue this is our business: we, like the miners, match and clear trades. We’d immediately converted any newly minted crypto into fiat. The net-net is another new revenue stream for shareholders; deep knowledge in new technologies changing the global exchange landscape for the CME; and increased allocation to ESG-focused businesses by investors. That’s a win-win-win”.

To date, it is not clear how this proposal has been received and it is not even known how many realistic chances Federighi has of joining the board of directors of the CME Group, but the curious thing is that his company is not involved with cryptocurrencies in any way

This proposal of his seems serious and sincere, without ulterior motives and is part of his request to work with management and the board to implement new ideas, in particular focusing on greater liquidity and new revenue streams for all shareholders. 

CME has not yet analysed these ideas, but given that the company has been active in the cryptocurrency sector for some time now, for example with bitcoin futures contracts, chances are it may not be completely ignored. 

Obviously much will depend on the outcome of the vote, i.e. whether Federighi actually manages to join the board of directors, and since he is one of the three nominees for the Class B-2 position, he might have some chance of making it. 

At the moment his proposal is devoid of details, but it is curious, if anything, that he has proposed it, especially since he seems to be a stranger to the crypto sector. 

 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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