Blockstream Bought $25M Worth Of MicroBTC Mining Hardware

Blockstream bought $25 million worth of new bitcoin mining hardware equipment with plans to allocate some of the ASICs to a new top-secret mining facility that is under construction so let’s find out more in our latest bitcoin news.

The popular blockchain company Blockstream bought $25 million worth of MicroBT’s M30s BTC mining hardware. the company stated in an announcement that it plans to deploy the hardware across its various mining facilities that are located in the United States and Canada. Furthermore, Blockstream disclosed that it will allocate some of the mining equipment to a new mining facility that will be launched soon. The purchase will be an essential addition to the hosting services of the company as it looks forward to continuing to provide the clients with reliable solutions.

Since Blockstream launched its mining hosting service back in 2017, its operation attracted several institutional-based clients like Fidelity Center for Applied Technology, LinkedIn founder Reid Hoffman among others. According to the announcement, the company said it has over 300 megawatts in a capacity that are available for operations in North America. The company added that with more institutional clients looking to get involved with BTC mining activities, it aims to grow the operations over the year. Samson Mow, chief strategy officer at Blockstream said:

 “We’re excited to continue our relationship with MicroBT, and this latest batch will provide our hosting clients with an extremely reliable foundation to contribute to the security of the Bitcoin network.”

Through its existence, the number one provider of blockchain technology was involved in prolonged testing of various mining hardware and is convinced that there’s no better miner than the MicroBT WhatsMiner. Commenting on the development, Sunny Liu who is the Vice President of MicroBT said that both companies agreed on the deal for testing the BTC mining hardware for companies located outside China. Liu added that Blockstream’s move to order a huge amount of the hardware demonstrates the confidence in the M30 series.

With the recent spike of BTC earlier this month, a few investors are now looking to get involved with the asset class with mining seemed to be one of the possible ways to do so. The sale of BTC mining hardware increased dramatically with the producers finding it hard to meet the demands.