Massive Funding for Blockstream

by baaaawz

Another Massive Funding for Blockstream in 2021

Elon Musk and others have received a lot of attention despite making only minor contributions to Bitcoin. Others have been working in the shadows for decades and should be given attention. We are talking about Adam Beck, founder, and CEO of Blockstream, who has been an established cryptographer since the 1990s. He just took his company to the unicorn level.

Who is Adam Beck and What is Blockstream?

In 2014, Blockstream was founded, with the mission of developing infrastructures and applications based on Bitcoin network technology. Adam Beck, the company’s current CEO, is one of the co-founders of the company.

Before joining the Bitcoin community, he was a well-known cryptographer and CypherPunk, having been one of the pioneers in the digital currency movement.

He invented Hashcash in 1997, a method of preventing denial-of-service attacks that used a proof-of-work algorithm in order to counteract them. The developer of the Bitcoin mining system, Satoshi Nakamoto, began to work on it himself ten years after the invention of Bitcoin.

In its six years of operation, Blockstream has established itself as a leader in providing Bitcoin mining infrastructure. For example, the company provides its customers with the option to rent mining equipment from its data centers. In addition, Blockstream provides its customers with real-time equipment that they may manage from a remote location.

It is estimated that the combined power capacity of the data centers, which are located in Georgia and Quebec, is 300 megawatts. They are able to provide about 7.5% of the network’s total hash rate when fully loaded and equipped with the latest mining devices.

A Massive Funding for Blockstream

The Series B round of funding for Blockstream has just been raised for the sum of $210 million. This financing has been provided by British private equity firm Baillie Gifford and Hong Kong-based iFinex, which manages the Bitfinex cryptocurrency exchange, adding $3.2 billion to Blockstream’s valuation.

Funding for Blockstream in 2016 brought in $55 million and was a success. In this round, AXA Strategic Ventures, the French multinational insurance company AXA’s venture capital arm, led the round.

The Funding for Blockstream will be used for Expansion

Blockstream has received this funding to expand its Bitcoin mining operations and accelerate its development.

  • Blockstream Satellites aims to provide permanent distribution of Bitcoin blockchain around the globe via a network of satellites transmitting digital signals.
  • Another one, which is sponsored by Jack Dorsey, the man behind Twitter, promotes investing in mining solutions that are based on 100% green energy.
  • Moreover, the latest Blockstream project makes it possible for energy producers to sell excess electricity to miners.

Spondoolies, a manufacturer of ASICs, was recently acquired by the company. Interestingly, the company plans to sell its mining devices to the public after supplying the company with them for its own use.

ASICs from Blockstream will be available in early 2022, according to the company.

Blockstream will also be able to continue developing its Blockstream Satellites business as well as its Blockstream Green business with the influx of fresh capital.

There is a company called Blockstream Energy, which offers modular mining units (MMUs), which are mining complexes that can be controlled remotely from a remote location. As a result, energy producers can sell energy that otherwise would not be used, to these MMU operators.

In addition, a company’s satellite network is capable of providing intermittent control to MMUs through its satellite connections.

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