The trend towards green mining is accelerating, with many projects switching to renewable energy. Just yesterday, Bitcoin infrastructure company Blockstream announced its partnership with Australian multinational investment bank Macquarie as part of a pilot project on sustainable Bitcoin (BTC) mining and the study of alternative energy sources. The partnership was announced on 8th September on the Blockstream website.
Blockstream is a blockchain infrastructure company founded by Adam Beck, Gregory Maxwell and Austin Hill. The firm is one of the leading sponsors of Bitcoin’s infrastructure development and BTC-related software.
Blockstream’s mission of building financial infrastructure on Bitcoin got a boost after successfully raising more than £150 million as part of the Series B financing. In addition to raising funds, the company announced it had acquired the intellectual property and key employees of Israeli Bitcoin mining hardware manufacturer Spondoolies.
As part of the pilot project, Macquarie is investing in one Blockstream’s enterprises based in the United States. According to the companies, the enterprise will test out carbon-neutral mining alternatives, while Macquarie will fund the research on using renewable energy sources in mining. If successful, Blockstream will create new platforms for further development of sustainable energy infrastructure.
Macquarie has got into investing in the crypto industry earlier this year. According to the company’s January report, BTC can provide protection against currency depreciation and inflation.
“Macquarie’s experience and scale in traditional infrastructure investment, as well as commodity and energy markets, and Blockstream’s position as a leading Bitcoin miner and provider of Bitcoin-based technology solutions offers terrific potential,” Blockstream CEO Adam Back stated.
In the near future, green mining is bound to become more viable and attractive for a wide range of miners. Eco-friendly crypto mining is already gaining popularity among institutional investors.
This summer, Blockstream also announced its partnership with digital payments company Square. The firms will work together to create an open-source, solar-powered Bitcoin mining facility.
Square has already invested around £3.6 million in the project, and Blockstream provided the guidance and infrastructure needed to manage the enterprise.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
|BITCOIN (BTCUSD) ₿||$62,573.48||-5.18%|
|ETHEREUM (ETHUSD) Ξ||$4,070.78||-2.23%|
|IMM. US (REIT)||$2,720.17||0.17%|
Receive the latest and best crypto news directly to your inbox
Receive a free hour of coaching with an expert! Just fill in this form and our expert will contact you within 48 hours.