Bitcoin's record-breaking unicorn: Blockstream raises $210 million

A well-deserved rise to prominence – Some figures in the Bitcoin (BTC) ecosystem are highly publicized, despite their minimal contribution to the cause of the king of cryptocurrencies, such asElon Musk. On the other hand, there are characters who have been working in the shadows for decades and deserve to be in the spotlight. That’s the case with Adam Back, founder and boss of Blockstream, who has been a renowned cryptographer since the 1990s. The latter has just taken his company to the rank of unicorn.

A cryptosphere pulled forward by Adam Black

Blockstream was founded in 2014 with the goal of building infrastructure and applications based on the Bitcoin network. The company was co-founded by its current CEO, Adam Back. A renowned cryptographer and CypherPunk, he was one of the pioneers of the digital currency movement before joining the bitcoin world.

In 1997, he developed Hashcash, a method of countering denial-of-service attacks using a proof-of-work algorithm. More than 10 years later, Satoshi Nakamoto took his work back to design the bitcoin mining system.

<img width=”865″ height=”177″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20865%20177’%3E%3C/svg%3E” alt=’Excerpt from Bitcoin’s whitepaper citing Adam Back as one of Satoshi Nakamoto’s inspirations for designing Bitcoin’s proof-of-work mining system” /><img width=”865″ height=”177″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/image-35..png” alt=’Excerpt from Bitcoin’s whitepaper citing Adam Back as one of Satoshi Nakamoto’s inspirations for designing Bitcoin’s proof-of-work mining system’ /></a>Excerpt from Bitcoin’s whitepaper – Source: Bitcoin.org <p>After 6 years of operation, Blockstream has established itself as one of the leading providers of mining infrastructure. In particular, the company offers its customers<a href=”https://journalducoin.com/bitcoin/actualites-bitcoin/blockstream-devoile-installations-minage-blockstream-mining/” target=”_self” rel=”noopener”>to rent mining equipment</a> within its data centers. Blockstream installs and maintains the equipment, which is managed in real time by customers. The data centers, located in Quebec and Georgia, have a combined energy capacity of 300 megawatts. At full capacity and equipped with the latest mining devices, they could account for about 7.5% of the network’s total hashrate.</p> <p><em><a href=”https://journalducoin.com/FTX-CTA1″ target=”_blank” rel=”noopener”>>> Anticipate Bitcoin’s next growth cycle by signing up for the FTX reference platform<</a></em></p> <h2>Blockstream knighted as a crypto unicorn</h2> <p>Blockstream has just raised $210 million at

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from a Series B funding round

. The funding, provided by UK private equity firm Baillie Gifford and Hong Kong-based iFinex, which runs cryptocurrency exchange Bitfinex, values Blockstream at $3.2 billion.

Blockstream’s previous fundraising round dates back to 2016, when it raised $55 million. AXA Strategic Ventures, the venture capital arm of French multinational insurance company AXA, had led that round

. Liste des divisions opérationnelles de Blockstream comprenant Blockstream  Minning, Blockstream Satellites et Blockstream Green mais aussi les services afférant au Liquid Network et au Lightning Network.Liste des divisions opérationnelles de Blockstream comprenant Blockstream  Minning, Blockstream Satellites et Blockstream Green mais aussi les services afférant au Liquid Network et au Lightning Network.List of Blockstream’s operating divisions – Source: Blockcstream

With this financing, Blockstream intends to accelerate the development of its mining activities. The company recently acquired Spondoolies, an ASIC manufacturer. The Canadian company plans to produce mining devices for its own use and then market them to the general public. Blockstream plans to launch its ASICs in early 2022.

The influx of fresh capital will also allow the company to further develop its Blockstream Satellites

and Blockstream Green arms. The first initiative allows the Bitcoin blockchain to be broadcast around the world on a permanent basis from a network of satellites. The second, in which Jack Dorsey, Twitter’s CEO, is involved, promotes mining solutions using exclusively renewable energy.

Finally, Blockstream

‘s last project allows energy producers to sell their surplus electricity to miners. Called Blockstream Energy, it provides modular mining units (MMUs), mining facilities that can be operated remotely. Energy producers can sell energy to the MMU operators that would not otherwise be used. In addition,

the company’s satellite network can connect to the MMUs to provide interrupted management

.

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