Blockstream Purchases Bitcoin Mining Equipment Worth $25M From MicroBT

Leading blockchain company, Blockstream announced Wednesday that it purchased $25 million worth of WhatsMiner Bitcoin miners from MicroBT, one of the leading manufacturers of Bitcoin mining equipment.

Blockstream believes that MicroBT’s hardware surpasses other mining machines in the market. The blockchain company arrived at this conclusion after conducting different mining hardware testing sessions since 2017.

According to the announcement, the company would allocate mining equipment to some of its mining facilities in the USA and Canada.

Blockstream is based in Victoria, Canada, but has different branches situated worldwide. Founded in 2014 by Adam Back, Gregory Maxwell, Pieter Wuille, among others, the blockchain company deals primarily with producing materials and services for easy transfer and storage of Bitcoin and other digital assets.

Apart from providing products to make trading cryptocurrencies easier for users, Blockstream also offers mining hosting services, helps individuals who want to set up a bitcoin mining operation, and provides “enterprise-class Bitcoin mining colocation services to institutions looking for turnkey solutions.”

Top Secret Mining Service

The company also claims to associate with the Fidelity Center for Applied Technology (FCAT) and LinkedIn founder Reid Hoffman, among others.

Concerning the recent partnership between the two companies, Blockstream stated, “We’re excited to continue our relationship with MicroBT, and this latest batch will provide our hosting clients with an extremely reliable foundation to contribute to the security of the Bitcoin network. Part of the order should also go toward a new, top-secret mining service we’ll be launching soon.”

Intent on making Bitcoin mining and trading more manageable, in a previous article, Coinfomania covered Blockstream’s efforts on minimizing bitcoin mining centralization.

In 2019, the company officially launched the BetterHash protocol. This protocol promised to measure authority to individual miners by allowing them and not mining pool operators to choose which transactions go into new blocks.

By dispensing the power to confirm transactions between individual miners and mining pools, the BetterHash protocol would strengthen the Bitcoin network resistance to any blockchain reorganization or 51% attack, making it a more secure network of users.

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Author: Abigail Michelle

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Author: Abigail Michelle