Blockstream buys Bitcoin mining equipment from MicroBT for $25Mn

Blockstream buys Bitcoin mining equipment from MicroBT for $25Mn

Blockstream, a renowned blockchain services provider, has recently announced the purchase of Bitcoin mining hardware, WhatsMiner, from Shenzhen-based company, MicroBT for worth $25 million. In an official announcement, Blockstream stated that it intends to deploy this newly purchased hardware across its multiple mining facilities located in the US and Canada with an aim to expand its mining operations in the future to effectively serve the elevating demand.

According to credible sources, at present, Blockstream is providing the Bitcoin mining services to several institutional clients who seek turnkey services. The company’s client list comprises of LinkedIn Founder, Reid Hoffman, the Fidelity Center for Applied Technology and various other eminent names.

Further in the official announcement, Blockstream mentioned that since the release of its mining hosting service in 2017, the company has been conducting comprehensive tests on mining hardware, post which it confidently says that no other mining hardware on the market is better than WhatsMiner miners by MicroBT.

The company is delighted about its collaboration with MicroBT as this latest batch is likely to offer its hosting clients an extremely reliable foundation for fortifying the security of Bitcoin network. Blockstream also added that a part of the order will also go toward a latest, top-secret mining service that the company is set to launch soon.

Reportedly, Blockstream is looking forward to expanding its capacity across North America to meet heightened institutional demand in Bitcoin mining. Although China is apparently a dominant force in the global crypto mining industry, the country is currently facing challenges from other locations, such as Nordic countries, the US and the UK.

Besides, crypto miners in China are considering other locations due to an uncertain regulatory scenario as well as power supply issues in the country. Describing about the institute, the Blockstream stated that with a 300 megawatts capacity available to its operations across North America in conjunction with accelerating demand from institutions looking forward to getting involved in the Bitcoin gold rush, the company will keep growing its operations aggressively throughout the next year.

Source Credit: https://www.financemagnates.com/cryptocurrency/news/blockstream-buys-bitcoin-mining-hardware-worth-25-million-from-microbt/