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Blockstream Partners with Macquarie to Pilot a Bitcoin Mining Facility | Finance Magnates


www.financemagnates.com 08 September 2021 20:15, UTC
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Blockstream, a Bitcoin (BTC) mining infrastructure firm, has partnered with Macquarie Group to explore carbon-neutral alternatives through a pilot investment in Bitcoin facilities. According to the press release, the crypto firm aims to leverage Macquarie Group’s knowledge on financial, energy, and green infrastructure to look after carbon-neutral initiatives.

That said, Blockstream seeks to establish mining facilities at an enterprise-grade by deploying crypto mining hardware hosting. “Macquarie will invest in the facility while utilizing its deep expertise in energy to explore opportunities to provide renewable energy to power the mining process. As one of the largest Bitcoin miners in North America, with a vision to scale this initiative to new sites as green power infrastructure is developed, Blockstream is excited about the potential this collaboration with Macquarie offers,” Blockstream highlighted in the announcement.

In the same line, Dr. Adam Back, Blockstream’s CEO, commented about the potential that such a partnership could bring to the industry: “Macquarie’s experience and scale in traditional infrastructure investment, as well as commodity and energy markets, and Blockstream’s position as a leading Bitcoin miner and provider of Bitcoin-based technology solutions offers terrific potential.”

Recent Partnerships and Funding Announcements Made by Blockstream

Before this partnership, the Bitcoin mining infrastructure firm arranged similar deals with Aker and Square to build renewable-powered mining facilities.

At the end of August, Blockstream announced that it raised $210 million as part of Series B funding with a valuation of $3.2 billion. The funding comes after acquiring Spondoolies’ intellectual property, a Bitcoin mining hardware manufacturer. Investors in the Series B financing included Baillie Gifford, a Scotland-based investment firm, and iFinex, the parent company of Tether and cryptocurrency exchange Bitfinex.

Also, early this year, the firm acquired BTC mining equipment from the Shenzhen-based provider, MicroBT. The total value of the purchased WhatsMiner Bitcoin miners stands at around $25 million.


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