Bitcoin infrastructure firm Blockstream is upping its mining operations after investing $25 million on the latest MicroBT Whatsminer ASICs mining rigs.
The announcement came yesterday, via the Blockstream’s website, and the new mining rigs will be deployed at the company’s mining data centres in Canada and the US.
According to the announcement, this latest investment will go towards securing the Bitcoin network and a ‘top secret mining service’ that is set to be launched.
Blockstream say they have been testing many different mining devices, and have chosen the MicroBT rigs as ‘there’s no better mining hardware on the market.’
‘We’ve been extensively testing mining hardware since the launch of our mining hosting service in 2017, and right now, we’re confident saying there’s no better mining hardware on the market than MicroBT’s WhatsMiner miners.’
Blockstream also shared the news on its Twitter feed, claiming the mining centres, already with more than 300 MW in capacity, was looking to grow aggressively this year.
Blockstream CSO Samson Mow also took to Twitter explaining how the two companies had been working together for a long time. Mow also reiterated more Blockstream mining news was coming soon.
What Is Blockstream Mining?
Blockstream Mining provides mining equipment colocation – a turnkey mining solution for businesses to operate and remotely manage their mining equipment.
Launched in 2019, the Blockstream mining data centres have over 300 MW of capacity, and its hosting services support the fast deployment of Bitcoin mining equipment for institutional and enterprise customers.
The data centres are custom-built for fast deployment and maximum reliability, and Blockstream’s customers can operate their Bitcoin miners remotely using the Blockstream Mining control panel.
MicroBT Expanding Operations Outside China
The investment from Blockstream Mining, comes just months after the news MicroBT was expanding its manufacturing operations in order to crack the global market.
The China-based Bitcoin mining manufacturer partnered with New York-based Foundry Digital LLC, and a Southeast Asian company with the aim of improving its global supply chain efficiencies.
This latest investment from Blockstream and MicroBT’s partnership with Foundry, a subsidiary of Barry Silbert’s The Digital Currency Group (DCG) shows the mining manufacturer is starting compete with Bitmain and crack the North American market.
The Bitcoin Mining Industry Is Really Taking Off
2020 and now 2021 have seen phenomenal growth in the Bitcoin price and the infrastructure being built around it.
This latest investment from Blockstream Mining emphasises the investment needed to compete in the nascent industry.
There have been several other huge investments in the Bitcoin mining industry, including Nasdaq-listed Marathon Patent Group.
Marathon was aggressively buying mining gear last year, and the company announcing it had invested $175 million to acquire 70,000 Bitmain S19 Pros.
Once the delivery is complete, Marathon claims it will have 103,000 ASIC miners with 10.36 (EH/s), making it the biggest Bitcoin miner in North America.
It’s not just North America, however, as the Pakistan government is behind a huge investment in a mining data centre in the Khyber Pakhtunkhwa province. While it’s believed the Iranian and Venezuelan governments are also investing heavily in Bitcoin mining industry.
Bitcoin mining is rapidly growing industry, and a great way to turn excessive power into value. So, it begs the question:
Which large oil company will be the first to announce its move into the space: BP, Exxon, Shell?
Author: Tommy Limpitlaw
How long does it take to mine 1 bitcoin?
On average, the time it takes for miners to mine BTC is 10 minutes. But they don’t just mine 1 BTC. Mined Bitcoins are created with every new block and these produce the Bitcoin block reward which at the moment is 6.25 BTC, so you could say it takes less than 2 minutes to mine each Bitcoin.
How much does it cost to mine 1 bitcoin?
There is no exact science for the cost of mining a bitcoin, because the price will change every two weeks maximum. This is because there’s a Difficulty Adjustment that ensures it takes about 10 minutes to mine a block. And with other costs, such as your mining equipment, electricity, and other costs, it’s estimated that the average price to mine a bitcoin is around $12,500.
How can I get free Bitcoin?
Nothing is really free, because even when you earn free Bitcoins you’re giving up your time, which is precious. But you can earn free Bitcoins. If you are a gamer, there are games like Bitcoin Bounty Hunt which allows you to shoot your way to Bitcoin riches. Or you can save your Bitcoin in an interest bearing account and earn some BTC interest. Be careful with these, and only go with legitimate companies, though.
Where is the best place to buy Bitcoin?
There are many great places to buy Bitcoin, and it all depends on your preference. You can buy Bitcoin on typical cryptocurrency exchanges, such as Binance and Kraken. Or you can buy it from peer-to-peer Bitcoin marketplaces, such as Paxful and LocalBitcoins. You can also buy Bitcoin from Bitcoin ATMs. It all depends on your location and preference.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.