Blockstream, a blockchain infrastructure company, has teamed up with Macquarie Group, an Australian international investment bank to develop and manage a zero-emission Bitcoin mining facilities.
According to the firms, Macquarie Group is investing in one of Blockstream’s enterprise-grade mining operations as part of the pilot project.
This will enable Macquarie Group to identify new renewable energy opportunities that can be leveraged for more sustainable Bitcoin mining initiatives.
As of March 31, 2021, Macquarie Group was one of the major institutional investors in renewable energy infrastructure, with 44 gigawatts of capacity in development or construction.
After successfully receiving $210 million in Series B funding, Blockstream has expanded its aspirations in the Bitcoin mining business.
The company also announced that it has acquired the intellectual property of Spondoolies, a Bitcoin mining hardware maker, in addition to the successful campaign. As a result, Spondoolies’ main staff joined Blockstream’s newly formed ASIC unit.
Blockstream’s increased focus on Bitcoin mining drew a substantial investment from Twitter CEO Jack Dorsey, who pledged $5 million toward a solar-powered mining facility, as Cointelegraph reported in June.
This year, Bitcoin mining drew a lot of attention from the general public after Tesla CEO Elon Musk appeared to disown the cryptocurrency due to fears that its network was unsustainable.
Soon after, a public debate about renewable Bitcoin erupted, with industry leader Michael Saylor gathering a group of Bitcoin miners.
Musk appears to have changed his opinion on mining’s bad impact on the environment, even confirming that SpaceX, another company he controls, has Bitcoin on its books.
The Bitcoin network’s hashrate looks to be increasing again, following a severe disruption caused by China, which effectively outlawed BTC miners earlier this year.
