Blockstream buys $25 million worth of bitcoin mining hardware from MicroBT
January 27, 2021, 5:43PM EST
1 min read
Blockstream announced Wednesday that it bought $25 million worth of WhatsMiner Bitcoin mining equipment from MicroBT, a Shenzhen-based hardware manufacturer.
“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,” Blockstream said in a statement.
Blockstream offers colocation services for clients, essentially outsourcing mining equipment and upkeep for their clients, allowing them to mine Bitcoin. Blockstream maintains 300-megawatt operations in North America and says they plan to grow “aggressively” throughout 2021, according to the statement. The company launched a mining pool in 2019.
The development comes amid broadening institutional interest in the mining space, as well as a high-demand market for mining hardware, as previously reported.
Earlier this week, the mining sector saw a long-lasting feud at the top of major manufacturer Bitmain come to a close, according to a statement from co-founder Jihan Wu.
Gemini Galactic, an affiliate of cryptocurrency exchange Gemini, received approval from the Financial Industry Regulatory Authority (FINRA) to operate a broker-dealer registered with the SEC and is now a FINRA member.