Blockstream always ahead – The minors of bitcoins are on the tightrope and are extremely dependent on the price of the first cryptocurrency. After very complicated months in 2022 and mixed outlook for this new year, it finally seems that the clouds have momentarily moved away over the industry. But among the players in the sector, some are doing better than others. And Blockstream is one of those. This specialist in institutional hosting has managed to pull out of the game and is positioning itself more than ever in leader of the market.
Crypto winter does not affect bitcoin mining specialist
2022 has been a delicate year for the industry with major players in large difficulty. Between the bitcoin price which is plunging and the price of energy which is soaring, some have not been able to withstand the shock, and Core Scientific is the perfect example. Blockstream CEO, Adam Back goes further and also returns to the crisis of confidence globally in the sector. For him, this is a sign that things must change:
“With 2022 being punctuated by multiple large-scale centralized party and protocol failures, we believe this has been a learning experience for the market and that the fundamental value of blockchains is to reduce the need to trust some thirds. The resulting refocus on security and decentralization offers market participants the opportunity to move to non-custodial architectures based on Bitcoin (…). »
And the refocusing that he calls for could well benefit his company, which is increasingly positioning itself as a leader in the sector. With 500 megawatts in its development projects, Blockstream would become the first operator BTC mining world and obviously does not intend to stop there.
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A new fundraising of 125 million for Blockstream
This is how the company has just completed a new funding round which has enabled it to raise $125 million. In his press release, Blockstream Chairman and CFO, Erik Svensonlooks back on the past few years and looks to the future:
“Blockstream’s $210 million Series B capital raise in August 2021 was used to build multiple mining facilities for institutional hosting and (…) to design and manufacture Blockstream’s own ASIC. We will use the new capital raised (…) to expand the mining facilities to meet the strong demand for institutional hosting services and thus continue to build infrastructure for the future Bitcoin economy. »
The demand for the flatsharing mining is actually steadily increasing, according to Blockstream teams. Thanks to its good reputation, sound financial background and significant growth capacity, the company claims to attract more and more customers; the latter wanting to expose themselves to mining without bearing the operating costs.
Renewable energiesdevelopment of layers 2 on bitcoin and decentralization : Blockstream continues its development with these same objectives in mind. The construction of a future economy entirely based on the Bitcoin network is part of the DNA of the company which intends to convince more and more players of the merits of this idea. But to achieve this, we would already have to start by wringing the necks of stereotypes which still circulate widely in the media and in the collective unconscious.
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