Blockstream, Macquarie Group Announce Massive U.S.-Based Renewable Bitcoin Mining Facility
Macquarie Group Ltd., a massive Australia-based financial services company, and blockchain technology firm Blockstream have announced a partnership to start utilizing renewable energy in cryptocurrency mining.
Samson Mow, Blockstream’s chief strategy officer, has confirmed the location of the new facility will be based in the U.S.
Institutional and enterprise customers frequently utilize Blockstream’s hosting services, where the firm installs necessary equipment and trains your staff on how to maintain a medium to large-scale mining operation.
The multinational investment bank, Macquarie, stated it will “explore” carbon-neutral alternatives for the mining process.
In January, Macquarie stated bitcoin provides protection from currency debasement, inflation spikes, and could provide returns uncorrelated to traditional assets.
In June, fintech giant Square announced a $5 million investment in Blockstream in an effort to increase the prevalence of solar-powered bitcoin mining.
In August, Blockstream unveiled its new project, Blockstream Energy, which will allow the tech firm to sell excess electricity to PoW mining operators.
On Aug. 24, Blockstream inked a $210 million deal with Baillie Gifford, a U.K. investment management firm, and iFinex, the parent company of cryptocurrency exchange Bitfinex.
This massive partnership coincided with Blockstream’s acquisition of Israeli bitcoin mining hardware manufacture, Spondoolies.
Founded in 1969, Macquarie has evolved into renewable energy infrastructure investing, with 44 gigawatts of power generation under development or in operation, according to the release.
The firm currently manages more than $428 billion in assets.
“Macquarie’s experience and scale in traditional infrastructure investment, as well as commodity and energy markets, and Blockstream’s position as a leading Bitcoin miner and provider of Bitcoin-based technology solutions, offers terrific potential,” said Blockstream's CEO Adam Back.