The Popular Canadian Bitcoin technologies company, Blockstream recently made an announcement that it is launching a bitcoin mining facility and mining pool, the company revealed this in a blog post on Thursday.
According to Blockstream, the mining data facility will host its clients’ mining processes in addition to Blockstream’s own mining operations. The mining facility counts Fidelity Center for Applied Technology and LinkedIn co-founder Reid Hoffman among its initial clients.
Blockstream Aims To Solve Public Mining Difficulties
The news comes in a bid of the company to solve some of the major problems faced by cryptocurrency miners and potential miners in the industry. As the firm believes this would improve adoption of cryptocurrencies, it aims to help customers provide the alternative service in the stead of building their own complex and expensive mining facilities, including specialized power infrastructure and cooling systems. Also, to conquer the dilemma of having to select a professional hosting provider where they face a range of issues, including inexperienced teams, limited control over miners, and unpredictable pricing
Mining Since 2017
The firm was initially instigated to begin mining services by a rising concern that decentralization of mining was on the decline began in mining in 2017. At the present, at full force, Blockstream’s mining facility would “amount to roughly 6 exahashes of Bitcoin mining power.” This amount of hash power would equal to about 7% of the Bitcoin network’s daily hashrate this week.
According to the official announcement, Blockstream Mining provides mining equipment colocation in their purpose-built data centers designed to meet the needs of institutional and enterprise customers. Their developed hosting services support the rapid deployment of almost any type of Bitcoin mining equipment and provide customers with complete control over their mining operations.