The mining company Blockstream, founded by Adam Back in 2014, is expanding and is raising 210 million US dollars from investors. This brings the company to a valuation of 3.2 billion US dollars.
Canadian mining company Blockstream has raised $ 210 million in Series B funding. Among the investors are the Edinburgh-based company Baillie Gifford and iFinex, the operator of the Bitfinex crypto exchange. With the freshly raised capital, Blockstream catapults itself into unicorn status – young companies worth more than a billion US dollars.
Blockstream’s press release also states regarding the use of the new funds:
This new investment will help advance our mission of building a financial infrastructure on Bitcoin. Furthermore, the new capital will flow into the acceleration of our Bitcoin mining efforts and the acquisition of 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 to create it. This criticism did not simply fade away. Many companies then thought more intensively about how to design and operate crypto mining sustainably. So did Blockstream, which only presented a new service on August 17th: Blockstream Energy. This makes it possible for electricity producers to sell electricity that they no longer need to Bitcoin miners. Here’s what the company says 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 needs for power generation projects, increasing efficiency and improving the profitability of renewable projects around the world.
The company is one of the oldest Bitcoin mining companies in the world and was founded in 2014 by Adam Back, who invented the proof-of-work system Hashcash. Back, however, is one of the few people who can claim to have been part of Bitcoin from the start. Because Satoshi Nakamoto sent him a first version of the Bitcoin whitepaper back in 2008.