Blockstream Hosts BlockFi’s New Bitcoin Mining Venture

Blockstream Hosts BlockFi’s New Bitcoin Mining Venture

Bitcoin and crypto lender BlockFi is now in a bitcoin mining partnership with Blockstream.

Blockstream Mining is hosting BlockFi’s new mining machines in one of its warehouses in Adel, Georgia, USA, which supports up to 300MW of capacity, per a press release.

“As BlockFi looks to expand our offerings to the mining community and accumulate bitcoin on our balance sheet, mining directly to support the Bitcoin network provides a means to vertically integrate our supply chain while diversifying our revenue streams,” said Joe Chu the director of portfolio credit and mining at BlockFi.

BlockFi said that they are running a mix of MicroBT and Bitmain miners but would not reveal how many they have purchased. They did not state how much hashpower their venture would add to the network.

North American bitcoin mining

The partnership marks BlockFi’s first foray into mining at a time of increasing investment in the North American mining industry.

A product of Blockstream, a builder of Bitcoin and blockchain infrastructure, Blockstream Mining is one of a handful of companies that operates machines on behalf of itself and others in so-called colocation facilities. The largest of these, Core Scientific, recently expanded its operational capacity to accommodate a mass of new ASIC orders for itself and its partners.

With North America’s bitcoin mining rush in full tilt, mining machines are backordered for months, and miners are struggling to source warehouse space to hold these computers.

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