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BlockFi to Offer Bitcoin Mining With Blockstream Partnership

·2 min read

Blockchain technology provider Blockstream has announced a strategic bitcoin mining partnership with crypto asset service manager BlockFi.

In an announcement on May 18, the leading distributed ledger technology company stated that it is proud to welcome another major player as a bitcoin mining partner.

BlockFi has deployed miners at the Blockstream mining facility in Georgia, USA, with access to over 300MW of power capacity.

The company is seeking to expand its services to the mining community and to diversify revenue streams by accumulating bitcoin on its balance sheet, the announcement added.

Green energy bitcoin mining

BlockFi was founded in 2017 to provide a bridge between the traditional finance world and the digital asset ecosystem by offering lending and credit services to bitcoin investors. The firm manages more than $15 billion in assets and has generated hundreds of millions in interest for clients.

Blockstream is striving to expand its mining operations through strategic partnerships such as this. In March the company partnered with Galaxy Digital to host its bitcoin mining operations, in addition to a partnership with Aker to pursue alternative energy mining operations.

Aker is a major player in energy infrastructure based in Norway, it is dedicated to investing in projects and companies throughout the Bitcoin ecosystem.

In late March, Blockstream announced its Blockstream Mining Note (BMN), a security token that expands investor exposure to Bitcoin mining and adds security and censorship resistance to the Bitcoin network.

Aside from mining, Blockstream is better known for developing the Liquid side-chain settlement network and its own implementation of the Lightning network.  

China influence diminishing

China still controls as much as 65% of the global hash power but that influence is gradually being eroded as the state continues to crack down on financial and mining operations. Mining farms in Mongolia were all ordered to close in April and the regime is taking a heavier hand against fossil fuel-based power for mining farms on the mainland.

As a result, new renewable energy-powered mining farms are springing up in the United States. Texas has become the state of choice due to its low energy costs and the fact that the majority of it is renewable.