Bitcoin

Blockchain Tech Firm Blockstream Introduces Bitcoin mining facilities with two active Clients

On Thursday, a Canadian based blockchain tech company, Blockstream, on its web-post, revealed that it is introducing a Bitcoin mining facility and pool.

The company Blockstream further gave more specific information on its Bitcoin mining data centers across Canada, Quebec, Georgia, and Adel. The Bitcoin mining data center will host its customer’s mining operations and also its own mining activities.

On August 8, Blockstream revealed about its Mining facility and also about two other facilities namely, Blockstream Pool, BetterHash mining pool. The mining facility will make 300 megawatts of energy available to its customers. However, the leading Bitcoin and blockchain tech company considers opening their new mining facilities for small scale miners in the days to come.

Dr. Adam Back- a cryptographer is the CEO of Blocksteam. The firm is widely known for its Liquid Network which is the Bitcoin-sidechain system. Currently, Blockstream consists of two actives clients, namely Fidelity Center for Applied Technology and founder of LinkedIn Reid Hoffman.

As per the Blockstream, the company initially started its mining activities in 2017 and was ‘motivated by widespread concern that mining decentralization was declining.

The volume of the company’s Bitcoin mining facilities cannot be overvalued. The CSO of Blockstream, Samson Mow mentioned that the new facilities could ‘account for roughly 6 exahashes of Bitcoin mining power,’ only if utilized with maximum capacity with the new ASIC mining hardware. This could equal to nearly 10 percent of Bitcoin’s overall network hash rate less than the previous month. While in the current week, the network hash rate of Bitcoin reached at its peak level to 80 exahashes.

Blockstream will launch its initial mining pool in the days to come and aims at placing additional power in the hands of miners through the BetterHash protocol. The BetterHash was designed by Matt Corallo.

Prior to the launch of Bitcoin mining, Blockstream was wide concern over the future of Bitcoin network, Samson Mow mentioned,

“We began self-mining back in 2017 after being motivated by widespread concern that mining decentralized was declining. At the time it appeared that parties involved in ASIC manufacture, hosting and pool operations were becoming a centralizing force and holding back Bitcoin from reaching its full potential. We figured we could use our Bitcoin expertise to improve the situation.”

In recent times, Blockstream Company has generated funds of worth $90 million for various investors such as AXA Venture Partners, Khosla Ventures, Reid Hoffman, and others. The blockchain company also introduced several products and services such as Blockstream Green- mobile Bitcoin wallet, the Blockstream Satellite, commercial sidechain product-Liquid, 24/7 service allowing customers to receive and send Bitcoin transactions and blocks through satellites.

Issues relating to Bitcoin mining centralization were discussed at the Bitcoin 2019 event in San Francisco. Notable members such as CEO of Genesis Mining, Marco Streng, a Bitcoin developer, Matt Corallo, CEO of Blockstream, Dr. Adam Back and Dr. Scott, Chief Scientist of Yugen Partners expressed their views on the future of Bitcoin and other altcoins and Bitcoin mining.

At the technical level, numerous enhancements have been implemented to the ‘Bitcoin’s decentralization and censorship resistance,’ but the fact is that the virtual cash system still encounters regulatory challenge over its usage as a payment technique because of the way cryptocurrency is charged.

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