Bitcoin-Focused Development & Infrastructure Firm blockstream According to Bloomberg, it is seeking new funds in 2021 at “could be less than $1 billion” or about 70% lower valuation than its most recent funding round. report good,
The report cited “people familiar with the matter” as saying that Blockstream’s valuation has been affected by the collapse of crypto exchange FTX, as well as bearish sentiment in bitcoin and crypto markets in general.
Valued at $3.2bn in 2021
The firm, which is headed by bitcoin pioneer and cryptographer adam back, was valued at $3.2bn during its latest funding round last year, when it raised $210m from several leading companies. Prominent among them were asset manager Baillie Gifford and iFinex, the company behind crypto exchange Bitfinex and stablecoin issuer Tether.
When asked by Bloomberg about the size of the funding round, Back reportedly declined to answer, but instead said that the company plans to use the funds to expand its hosting capacity for bitcoin mining machines. She is making.
“We quickly sold out all capacity and have a large backlog of existing and new customers with miners seeking large scale hosting with us,” Backe was quoted as saying.
He added that despite the drop in the spot price of BTC, the prices of hosting mining equipment have increased in recent quarters.
“Housing rates have increased over the past quarters and our mining services are a rapidly expanding, high-margin enterprise business for us, despite the low bitcoin price and mining profitability,” Backe said.
bitcoin mining with renewable energy
blockstream Told Earlier this year it partnered with former Twitter CEO Jack Dorsey’s company Block Inc. Building a Bitcoin Mining Farm Powered by Solar, In addition, the bitcoin company is also partnering with Block Inc. and Norwegian marine industrial group Aker to “advance alternative and renewable energy bitcoin mining.”
Blockstream was founded in 2014 and is headquartered in British Columbia, Canada. Among its best-known products are a side-chain for bitcoin known as Liquid and the Z hardware wallet.
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