Blockstream Purchases $25M of Bitcoin Mining Hardware from MicroBT

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The blockchain firm Blockstream will deploy $25 million worth of mining hardware in North America to further bolster its services.

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The Blockstream blockchain technology firm has purchased $25 million worth of Bitcoin mining hardware from MicroBT, it announced on Jan. 27. MicrotBT is one of the market’s largest manufacturers of mining hardware.

Blockstream Reinforces Bitcoin Mining Operations

Blockstream will use the hardware in its mining facilities across the United States and Canada for various purposes. Among these uses are enterprise-level hosting services, which were first launched in 2017. The company states that its clients include the Fidelity Center for Applied Technology (FCAT) and LinkedIn founder Reid Hoffman.

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Blockstream CEO Adam Back and CSO Samson Mow state that this is the start of aggressive growth;

“The WhatsMiner purchase cements Blockstream Mining’s position as one of the largest Bitcoin mining operations in North America…with over 300 megawatts in capacity available and fast-growing demand from institutions looking to get involved in the Bitcoin gold rush, we’ll continue to grow aggressively throughout the year.”

Blockstream tested the M30S series out of China and the new purchase is the culmination of that trial. Additionally, the company also hints at the launch of a “top-secret mining service” that will be launched soon.

Mining Hardware Selling Strong

MicroBT’s WhatMiner series is one of the most popular hardware lines and is used all across the world. Bitcoin mining equipment, in general, has been selling like hotcakes, with manufacturers often unable to keep up with demand.

The M30S series, MicroBT’s top of the line solution, has one of the best hash rates at 11TH/s. Out of the reach of most individuals, the product is frequently out of stock.

Several companies and countries have begun to run Bitcoin mining operations. This includes a Pakistani province that will move forward with a state-run mining process. America too is quickly becoming a hub for mining, with an increasing number of companies launching mining facilities.

However, not all mining companies are doing well. The Chinese firm Canaan posted a $12 million loss in Q3 2020. The firm, which had a disappointing IPO, has recovered to see its stock shoot up by 170% in Q4 2020.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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