Blockstream Raises $125 Million For Bitcoin Mining Expansion

Blockstream has announced they’ve raised $125 cardinal successful convertible enactment and secured indebtedness financing with the purpose of expanding their organization bitcoin mining services. The rise was led by Kingsway Capital on with different investors including Fulgur Ventures.

According to the announcement, Blockstream volition usage the superior raised to grow their bitcoin mining facilities “in bid to conscionable the beardown request for its organization hosting services,” which they assertion remains precocious “due to the company’s beardown way grounds and important scale, coupled with an industry-wide shortage of disposable powerfulness capacity.”

This rise follows Blockstream’s August 2021 raise of $210 cardinal which valued the institution astatine $3.2 billion. The institution utilized this erstwhile circular to physique respective mining facilities with the capableness for organization hosting customers, on with the strengthening of Blockstream’s vertical integration for ASIC manufacturing.

“This fundraise allows america to accelerate the YoY gross maturation we created with our 2021 Series B and proceed to physique infrastructure for the aboriginal Bitcoin economy,” Erik Svenson, Blockstream President and CFO, commented. “We stay focused connected reducing hazard for organization bitcoin miners and enabling endeavor users to physique high-value usage cases connected the astir secure, robust, and scalable blockchain successful the satellite - Bitcoin.”