Blockstream Raises $125M To Expand Bitcoin Mining

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

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

In the company's last investment roundmanaged to raise $210 million. Blockstream spent it on increasing the capacity of mining equipment and improving hosting services. The new capital will reportedly be spent on much the same thing. Blockstream said that its hosting services are still used by a large number of customers. 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 out of business, cutting its bitcoin mining capacity in May to pay off secured loans for equipment. And then she completely reported that two subsidiaries could not fulfill their accumulated obligations in the amount of $103 million.

"We believe that recent events incryptocurrency industry emphasize the importance of the work that Blockstream carries out both in mining and in the development of blockchain projects,” company representatives assure.

 Bits.media recently discussed in detail how crypto winter affects Bitcoin mining and hashrate in general.