US$16 million for start-up developing 'smart' NFTs

The mining company Blockstream, founded by Adam Back in 2014, is on an expansion course and raises 210 million US dollars from investors. This brings the company’s valuation to 3.2 billion US dollars.

Canadian mining company Blockstream has raised US$210 million in a Series B financing. Among the capital providers are Edinburgh-based Baillie Gifford and iFinex, the operator of crypto exchange Bitfinex. The freshly raised capital catapults Blockstream into Unicorn status – young companies worth more than $1 billion.

Furthermore, Blockstream’s press release regarding the use of the new funding states:

This new investment will help advance our mission to build a financial infrastructure on Bitcoin. Further, the new capital will go towards accelerating our bitcoin mining efforts and acquiring various companies (…)

Blockstream Energy for a sustainable mining industry

Elon Musks tweeted in May that Tesla is no longer accepting Bitcoin because more and more fossil fuels are being used for generation. Yet this criticism didn’t just go away. Many companies have subsequently thought harder about how to make crypto mining sustainable(er). So has Blockstream, which just unveiled a new service on August 17: Blockstream Energy. This makes it possible for power generators to sell electricity they no longer need to bitcoin miners. The company makes this statement on their blog:

At Blockstream, we believe that Bitcoin can actually accelerate the adoption of renewable energy through its proof-of-work (PoW) algorithm. Our new service, Blockstream Energy, uses Bitcoin mining to deliver scalable energy demand for power generation projects, increasing efficiency and improving the economics of renewable projects around the world.

The company is one of the oldest Bitcoin mining companies in the world and was founded back in 2014 by Adam Back, who invented the proof-of-work system Hashcash. Back, meanwhile, is one of the few people who can claim to have been involved with Bitcoin from the beginning. Satoshi Nakamoto sent him the first version of the Bitcoin whitepaper back in 2008.