Bitcoin infrastructure firm Blockstream raised $125M in convertible note and secured loan financing to expand its bitcoin mining hosting services. by Aoyon_A
Tuesday it will use the proceeds from the new capital to expand its mining facilities to meet strong demand for large-scale hosting services, according to the statement."Hosting has remained a resilient market segment as compared with 'prop' miners who have been more directly exposed to bitcoin price volatility and compressed margins," the statement added.
Blockstream's new funding round didn't mention the valuation of the company. However, in Dec. 7, Bloomberg reported the company is seeking toHosting is a service that data centers provide to crypto miners so customers can store their mining rigs and mine digital assets for a fee.
The company has over 500 megawatts of power capacity underway for its mining services. It is also the developer of decentralized market technology Liquid Network, which enables trustless bitcoin swap settlements and helps financial institutions to tokenize assets. The company also plans to expand its renewable energy mining products and continue developing its own bitcoin mining machine.
“This fundraise allows us to accelerate the [year-over-year] revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy,” said Blockstream President and Chief Financial Officer Erik Svenson. “We remain focused on reducing risk for institutional bitcoin miners and enabling enterprise users to build high-value use cases on the most secure, robust and scalable blockchain in the world – Bitcoin,” he added.
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