Blockstream and Macquarie Group launch Bitcoin mining pilot program

By | September 9, 2021

Blockchain infrastructure developer Blockstream has partnered with Macquarie Group, an Australian multinational funding financial institution, to launch a brand new pilot for a Bitcoin (BTC) mining facility with a mandate of exploring carbon-neutral alternate options.

As a part of the pilot project, Macquarie is investing in certainly one of Blockstream’s enterprise-grade mining amenities, the businesses introduced Wednesday. This will permit Macquire to uncover new alternatives in renewable power that may be bootstrapped for extra sustainable Bitcoin mining initiatives.

Macquarie Group is likely one of the largest institutional traders in renewable power infrastructure, with 44 gigawatts of era underneath growth or building as of March 31, 2021.

Blockstream has broadened its ambitions within the Bitcoin mining trade after efficiently elevating $210 million in Series B financing. In addition to the profitable fundraiser, the company disclosed that it had acquired the mental property of Spondoolies, a Bitcoin mining {hardware} producer. As a consequence, the core group at Spondoolies joined Blockstream’s newly developed ASIC unit.

As Cointelegraph reported in June, Blockstream’s rising concentrate on Bitcoin mining attracted a large funding from Twitter CEO Jack Dorsey, who dedicated $5 million in the direction of a solar-powered mining facility.

Related: Crypto mining must be redefined earlier than merely casting it away

Bitcoin mining obtained appreciable mainstream consideration this year after Tesla CEO Elon Musk seemingly disavowed the cryptocurrency over considerations that its community was environmentally unsustainable. A public debate about renewably sourced Bitcoin quickly emerged, with trade champion Michael Saylor convening an trade group composed of BTC miners. Musk seems to have softened his stance on miners’ damaging environmental impression, going so far as confirming that SpaceX, one other company he owns, additionally has Bitcoin on its books.

Hashrate on the Bitcoin community seems to be rising once more after the trade suffered a serious disruption by the hands of China, which successfully banned BTC miners earlier this year.