Bitcoin mining still sparks the debate that it consumes too much fossil fuel, which is bad for the environment.
Blockstream, a Canadian-based blockchain technology company and a major Bitcoin miner, has announced a new partnership to help it go green in its crypto-currency mining business.
In a blog post published on Thursday, the company revealed that it has entered into an agreement with Macquarie Group, an Australian asset management and financial services company with a presence in 32 markets.
According to the announcement, the partnership with Macquarie Group will allow Blockstream to work on using renewable energy to mine Bitcoin (BTC).
Blockstream CEO Adam Back said that the partnership with Macquarie offers huge potential.
According to him, the Australian company has extensive experience in traditional infrastructure and energy markets. He also noted that Blockstream is one of the largest BTC miners and also has a lot of expertise in providing solutions based on blockchain technology.
The collaboration will therefore allow Blockstream to expand its capabilities in hosting mining hardware, with the Australian company’s expertise in the energy sector brought in. The mining company plans to explore the use of carbon neutral energy sources and how to harness them in the mining process.
The North American BTC mining giant will then look to expand this collaboration to use green energy in its mining facilities.
The partnership between the two companies comes at a time when Bitcoin’s price is struggling to regain the bullish outlook that saw it reach highs near $65,000 earlier this year.
In particular, it comes months after a harsh Chinese crackdown on Bitcoin miners, as the debate over the crypto-currency’s enormous power consumption resurfaced earlier this summer.
The view that Bitcoin’s mining relies heavily on fossil fuels prompted Tesla to flip-flop on Bitcoin, and the reaction of the BTC market was to see prices fall to their lowest levels in several months.