February 5, 2023

Blockstream Raises $125M To Expand Bitcoin Mining

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2 minutes.

Blockstream Raises $125M To Expand Bitcoin Mining

One of the largest mining operators in the world, Blockstream, intends to continue to increase its equipment fleet, as it sees a shortage of capacity in the industry.

The company reported on raising $125 million forexpanding its bitcoin (BTC) mining business. With the help of the new funds, Blockstream hopes to accelerate revenue growth as well as continue expanding infrastructure.

In the last round of investment, the company managedto raise $210 million. Blockstream spent it on increasing the power of mining equipment and improving hosting services. The new capital will reportedly be spent on roughly the same. Blockstream said that a large number of customers continue to use their hosting services. In addition, the industry is experiencing a significant shortage of capacity, so the company's management intends to rely on this service.

Blockstream currently has 500 megawatts at its disposal. The main competitor was Core Scientific until it filed in December
bankruptcy documents.Another competitor, Iris Energy, also found itself sidelined, cutting back on its bitcoin mining capacity in May to pay off secured equipment loans. And then she said at all that two subsidiaries could not fulfill the accumulated obligations of $ 103 million.

“We believe that recent developments inof the cryptocurrency industry highlight the importance of the work that Blockstream does in both mining and blockchain project development,” the company representatives assure.

Recently, Bits.media analyzed in detail how the crypto winter affects bitcoin mining and hashrate in general.