Blockstream, a blockchain services provider, announced that it has purchased Bitcoin mining equipment from a Shenzhen-based provider, MicroBT. The total value of the purchased WhatsMiner Bitcoin miners stands at around $25 million.
According to the official announcement, Blockstream is planning to deploy the newly purchased equipment across its multiple mining facilities in the US and Canada. The company aims to expand its mining operations in the future to meet the growing demand.
Blockstream is currently offering Bitcoin mining services to institutional clients looking for turnkey solutions. The company’s client list includes the Fidelity Center for Applied Technology (FCAT), LinkedIn Founder, Reid Hoffman, and several other prominent names.
“We’ve been extensively testing mining hardware since the launch of our mining hosting service in 2017, and right now, we’re confident saying there’s no better mining hardware on the market than MicroBT’s WhatsMiner miners. We’re excited to continue our relationship with MicroBT, and this latest batch will provide our hosting clients with an extremely reliable foundation to contribute to the security of the Bitcoin network. Part of the order should also go toward a new, top-secret mining service we’ll be launching soon,” Blockstream mentioned in the announcement.
Growing Institutional Demand
Blockstream is planning to expand its capacity in the North American region to meet growing institutional demand in Bitcoin mining. China is a dominant force in the global crypto mining industry, but the country is now facing challenges from other locations, including Nordic countries, the UK and the US. Additionally, Chinese crypto miners are considering other locations amid an uncertain regulatory environment and power supply issues in China.
“With over 300 megawatts in capacity available to our operations in North America and fast-growing demand from institutions looking to get involved in the Bitcoin gold rush, we’ll continue to grow our operations aggressively throughout the next year,” Blockstream stated.
The company offers a wide range of blockchain and crypto services.