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Blockstream and Investment Bank Macquarie Launch Bitcoin Mining Pilot

Bitcoin infrastructure firm Blockstream has partnered with Macquarie Group to build a new bitcoin mining facility with a focus on carbon-neutral energy sources.

Macquarie is an Australian investment bank with more than $400 billion in assets under management. The group has been heavily involved in supporting renewable energy developments and has 44 gigawatts of generation under development, construction, or operation.

As part of the partnership, Macquarie will invest in a new mining facility built by Blockstream, with the two parties seeking out opportunities to power the operations with renewable energy sources, according to a press release provided to the BTC Times.

The developments are the latest in a number of moves Blockstream has made to venture into carbon-neutral bitcoin mining. In March, Norwegian listed company Aker ASA announced it had set up a unit to invest in Bitcoin and the wider Bitcoin ecosystem; the holding company, which in part focuses on renewable energies, also shared that it was looking to establish bitcoin mining operations that utilize stranded energy, an effort it seeks to make in partnership with Blockstream.

In June, Blockstream revealed a partnership with Jack Dorsey's Square to build a solar-powered bitcoin mining farm in the U.S.; Square had long been a proponent of the promotion of renewables for the use of bitcoin mining.

Blockstream recently reached unicorn status with a $210 million investment at a valuation of $3.2 billion. The Canadian company has been mining bitcoin in the U.S. and Canada since 2017, using, among other energy sources, hydropower for its operations.

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Thomas is a journalist at the BTC Times. He enjoys writing about Bitcoin, learning about Bitcoin, and HODLing bitcoin.