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You are here: Home / News / Bitcoin News / Blockstream To Expand Bitcoin Mining Capabilities with $125 Million Funding
Bitcoin mining

Blockstream To Expand Bitcoin Mining Capabilities with $125 Million Funding

January 25, 2023 by Ammar Raza

Blockstream, a leading Bitcoin infrastructure provider, has announced a significant funding round, raising $125 million in a convertible note and secured loan financing to expand its institutional Bitcoin mining colocation services. 

The round was led by Kingsway Capital, with participation from Fulgur Ventures and other investors. The funding will be used to expand mining facilities and meet the high demand for Blockstream’s institutional hosting services. 

Sustainable Bitcoin Mining In 2023

The company boasts a solid reputation and a significant presence in the industry, cementing its spot as one of the world’s premier Bitcoin mining operators. With a strong trajectory of revenue growth projected for 2023, the company plans to not only expand its renewable energy mining offerings but also continue to innovate and develop its own Bitcoin miner.

Additionally, Blockstream remains a market leader in fast-growing BTC “layer-2” technologies such as Core Lightning and the Liquid Network. These technologies are focused on BTC micropayments, non-custodial trading, secure smart contracts, and the issuance of digital securities, stablecoins, and other financial products.

Blockstream President & CFO, Erik Svenson, said:
This fundraise allows us to accelerate the YoY revenue growth we created with our 2021 Series B and continue to build infrastructure for the future Bitcoin economy.

Svenson highlighted in the statement that their focus is on diminishing the risk for institutional bitcoin miners while empowering enterprise users to create valuable use cases on the most secure, sturdy, and scalable blockchain in the world, Bitcoin.

According to the press release, the recent happenings in the cryptocurrency sector highlight the significance of Blockstream’s contributions in the field of blockchain technology and Bitcoin mining.

Blockstream CEO Dr. Adam Back also said:

With 2022 being punctuated by multiple large-scale centralized party and protocol failures, we believe this has been a learning experience for the market: that the fundamental value of blockchains is in reducing the need to trust third parties.

Adam Back added that the recent emphasis on security and decentralization in the crypto industry presents an opportunity for market participants to transition to BTC-based non-custodial architectures such as the Liquid ecosystem of startups with decentralized market technology.

The Liquid platform, he noted, offers simple contracts that allow active traders to achieve self-custody through offline limit orders, non-custodial options, and collateralized loans, all while utilizing the security of their own hardware wallets and private keys. Mr. Back highlighted that this technology is compatible with both decentralized and centralized order-book exchanges.

Related Reading | Bitcoin Poised For Bullish Resurgence Amidst Reduced Miner Sales

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), Bitcoin Mining, Blockstream

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