Blockstream Expands Operations; Spends $25 Million on MicroBT Bitcoin Mining Rigs
- Bitcoin development firm, Blockstream announces a $25 million purchase of Bitcoin miners.
- The mining equipment will be deployed to Blockstream’s facilities in North America.
In a post earlier on Thursday, Blockstream’s CEO Adam Back announced the purchase of new WhatsMiner Bitcoin miners from Shenzhen-based MicroBT, at the cost of $25 million. The addition of miners to its stock follows the increase in institutional demand for mining rigs and Bitcoin in the past few months.
Blockstream launched its mining hosting service in 2017, allowing the subscribers a host of mining services and support in their mining journey. The mining service provides enterprise-class mining facilities across the globe, management, and support for Bitcoin mining equipment's colocation, the post further reads. This means the company essentially outsources its mining equipment to clients allowing them to mine Bitcoin easily.
Over the years, the company has pulled several big-time clients into its ranks, including the Fidelity Center for Applied Technology (FCAT) and LinkedIn founder Reid Hoffman.
Adam further praised the partnership with WhatsMiner as the “best mining hardware on the market” after years of testing mining hardware. The partnership targets the “fast-growing demand from institutions” looking to get into Bitcoin as the frenzy on the digital asset continues to grow by the day.
The mining equipment will be deployed to Blockstream’s mining facilities in the USA and Canada, adding 300 megawatts in capacity available in the region.