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BlockFi Now Mining Bitcoin With Blockstream

Blockstream-Hosts-BlockFi’s-New-Bitcoin-Mining-Venture
  • Crypto Lender BlockFi is now planning to mine Bitcoin using Blockstream Mining.
  • BlockFi will set up shop in a warehouse in Adel, GA with up to 300 MW power.
  • BlockFi will run a mix of MicroBT and Bitmain miners for the project.

Crypto lender BlockFi has paired up with Blockstream to mine Bitcoin. The digital asset infrastructure company’s mining division will support BlockFi’s new mining hardware.

The company will set up shop in Blockstream’s warehouse based in Adel, Georgia. The facility is able to support up to 300 megawatts of power capacity for mining. It is also equipped with cooling and air filtration technology to enhance efficiency.

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,

noted Joe Chu, director of credit and mining at BlockFi.

BlockFi has stated that it is combining MicroBT and Bitmain miners for the project but has not revealed how many of each it owns. The company also hasn’t shared how much hashpower the venture will add to the network. Of note, this is the first time BlockFi is stepping into mining.

As interest in mining grows in North America, miners struggle to find space and machinery. Blockstream Mining is one of the few companies that operate machines for itself as well as for others in specifically created colocation facilities. It enables companies such as BlockFi to skip costs of owning and maintaining its own mining premises. The news comes at a time when deep concerns about energy use grapple Bitcoin again. As of today, its value staggers around $38,572.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.