Money

Blockstream Raises $ 250 Million To Build Bitcoin Miners

Key facts:
  • Blockstream would seek to redistribute the manufacture of Bitcoin mining equipment.

  • The company is valued at USD 3 billion, after closing its second round of financing.

The firm Blockstream, an infrastructure developer for Bitcoin, announced that it had closed its second round of financing for USD 210 million, which will be used to develop Bitcoin mining hardware, among other things.

The announcement, shared earlier today by Blockstream, specifies that the company will work alongside renowned Israeli Bitcoin mining hardware manufacturer Spondoolies, to create more energy-efficient ASIC equipment.

Participants in the round included investment firm Baillie Gifford and iFinex, operating company of the exchange Bitfinex. Blockstream achieved with this round a valuation of USD 3.2 billion, they pointed out, thus becoming a so-called “unicorn” company, a term applied to companies of rapid growth, innovation and capitalization that reach or exceed the value of USD 1,000 million.

Blockstream also announced that part of the money would be used to develop its network. Liquid, Bitcoin side chain where assets and tokens can be issued, creating a financial ecosystem.

The Liquid network has reached a network value of USD 1.1 billion and has seen significant growth in the ecosystem with a wide range of platforms, from services such as Hodl Hodl, SideSwap and TDE, to Tether, the stablecoin (stable currency) that leads the market, all while leveraging our sidechain.

Blockstream

The Blockstream container seeks to make large-scale Bitcoin mining more efficient and sustainable. Source: Blockstream.

The strategy is to decentralize Bitcoin mining

Earlier today, Adam Back, founder of Blockstream, and who has even been said to be the person behind the identity of Satoshi Nakamoto, claimed in an interview that Blockstream would help decentralize the manufacture of Bitcoin miners, preventing it from being geographically concentrated in China.

In the announcement, Blockstream claims to follow these strategies to “fulfill its mission of building the financial infrastructure on the Bitcoin network.”

In CriptoNoticias we have reported several of their initiatives, such as the new containers that they launched a few days ago to mine Bitcoin taking advantage of energy surpluses.

On June 7, Blockstream partnered with Square Crypto to build a solar-powered Bitcoin mine. Also, on April 7 they issued a token on their Liquid network, which offers exposure to Bitcoin mining.

The company is one of the pioneers of Bitcoin, as well as its technological innovators with various software and hardware solutions.

TAMMY SEWELL

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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