Blockstream raises $210 million and will now manufacture ASIC equipment to mine Bitcoin
Blockstream raises $210 million and will now manufacture ASIC equipment to mine Bitcoin By Angel Di Matteo

@shadowargelAccording to Blockstream executives , part of the capital will go towards the development of new ASIC devices for Bitcoin mining ,

which could hit the market in 2022.

***

Bitcoin-based solutions and products developer Blockstream recently raised another USD $210 million in a new round of funding, bringing its valuation to more than USD $3.2 billion, and will now begin manufacturing its own BTC

mining devices.

This was revealed by Blockstream in a statement published today through its Official Blog, in which they indicate that they raised the aforementioned figure in a series B financing round, which included the participation of companies such as Baillie Gifford, iFinex,

and other interested companies. In

this regard, Baillie Gifford’ s investment manager ,

Allen Farrington, commented:

“It is an honor to be involved with such an important company in the space and to be able to drive the development and institutionalization of both mining and Liquid Network. I am convinced of the potential of tokenized securities in Liquid Network to transform the capital markets architecture. Bitcoin-based development and Blockstream’s issuance and asset management platforms can help to significantly decentralize the financial infrastructure, democratize control over investment products, and firmly embed openness and programmability in the capital markets.”

For his part, Bitfinex

CTO Paolo Ardoino echoed Farrington’s statements and added:

“Blockstream is at the forefront of innovation in the Bitcoin space after building on the protocol for the past seven years. The potential of how all the different Blockstream technologies fit together is clear. Just the ability to create Lightning Network on liquid assets like Tether tokens (USDt) will have a revolutionary impact on everyone. We are excited to work more closely with Blockstream in the future to bring this to the world. to the market”.

Blockstream ventures into mining

Perhaps one of the most remarkable aspects of this new fundraising has to do with Blockstream ‘s plans for the capital received, which it indicated that it will fully allocate to strengthen the company’s plans in the Bitcoin mining sector, as well as the work of its other lines of services linked to Liquid Network.

As for the line of work focused on mining, Blockstream will begin to finance the manufacture of ASIC chips for which it will create a new line of business linked to its core company.

In this regard, Blockstream ‘s chief strategy officer , Samson Mow, commented in an interview conducted by CoinDesk media outlet as follows:

“The new capital injection will allow us to launch more products under Blockstream Finance, as well as bring our new Bitcoin ASIC miner to market next year.”

Let’s keep in mind that Blockstream already has several initiatives within the mining sector. One of them is Blockstream Energy, a service that will allow renewable energy producers to support the operation of the Bitcoin network through mobile installations manufactured and distributed by the company.

But the creation of new chips and ASIC devices for mining of Bitcoin is a step towards decentralization of mining activities, especially since the monopoly on the manufacture of this type of hardware is mainly carried by Bitmain, a Chinese company specially dedicated to this line of business.

Recommended Reading

Source: CoinDesk, Blockstream Blog

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash