Canadian Mine pledges an estimated $103B in assets to Blockchain Innovator Element United
Granite Mine is the first to commit its entire portfolio of underground assets to the blockchain, halting mining operations in return for access to the Element Digital Economy
LEHI, UTAH, USA, Aug. 22, 2022 /EINPresswire.com/ — Red Granite Mine is the first mine in history to commit an entire portfolio of in-ground assets to the blockchain, immediately halting mining in return for access to Element United Digital Economy.
Element United is excited to announce that CanRock Mining has signed a contract to immediately cease mining operations as part of a partnership to digitize the entire Red Granite Mine.
The agreement represents a first of its kind: a potentially profitable mine that determines that there is more value in the digital application of the analyzed elements than in their actual extraction.
“We know what’s in the ground. We have the assays and NI 43-101 geological surveys, says mining consultant Ryan Chomiuk, noting that the Red Granite Mine has a value of over US$103 billion.
“We can spend millions of dollars, and a whole lot of CO2, to bring this granite to the surface profitably,” says mine owner Gene LaPointe. “Or we can promise to keep it in the ground and get access to all the wonderful things Element United is building on the blockchain. Our agreement allows us to protect the environment and potentially profit from digital representations of the mine’s assets.”
About Element United
Together with other technological innovators, Scott Lomu and David Kasteler founded Element United in 2021. One of the company’s goals is to reduce the environmental impact of mining by creating products such as NFTs, nodes, tokens, digital communities and metaverses that live on blockchain.
Element United partners with miners and converts their physical assets and precious metals into digital products built on the Ethereum Blockchain. These digital products interact with the unearthed precious elements in each mine in a way that is collectable and rewarding, while leaving the elements in the ground and the natural environment untouched.
“What we’re creating here is a way to extract gold and valuable elements without digging them out of the ground,” Kasteler said. “It brings an environmentally conscious mindset to mining and uses blockchain instead of heavy machinery. We believe that the blockchain economy we build on top of a mine can be more beneficial than actual mining.”
“That’s the beauty of it — the elements stay in the ground,” Lomu said. “It’s a boon for everyone involved: digital miners, communities and of course our environment. We couldn’t be more excited to have Red Granite Mine as our very first mining partner.”
For more information on Element United Leadership or upcoming digital releases, visit elementunited.com
*Disclaimer: This press release may contain forward-looking statements that involve significant risk and uncertainty. Forward-looking statements discuss plans, strategies, prospects and expectations regarding the business, operations, markets, risks and other similar matters. There may be events in the future that we cannot accurately predict or control. Any forward-looking statement in this press release speaks only as of the date it is made. Factors or events that could cause our actual results to vary may arise from time to time, and it is not possible for us to predict all of them. We do not plan to publicly update or revise any forward-looking statements except as required by law.
*Rewards are not available for purchases from Element. They are digital rewards earned in exchange for
work and action on the Element network. The digital reward is designed to benefit the Element
platform for purchasing Elements’ products and services. The digital reward is not an investment
product and can never have any value outside of the Element platform. Element node owners should not
Expect to recognize any value from the digital reward than its usefulness with Element. Element does not
predict correlation between the digital reward value and Element’s business activities. The element
blockchain is not backed by gold.
David Kasteler
Element United
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