Blockstream Purchases $25 Million Worth Whatsminer Rigs From MicroBT
The adaptation of many crypto firms to the cryptocurrency market boom has been nothing short of remarkable. From Crypto exchanges and digital assets firms innovating new products tailored to customer needs, mining rigs expand their hash rate and mining capacities.
The players in the space are showing no signs of slowing down to induce more innovation into a market that has come to stay. The latest news is that one of the world’s leading providers of Bitcoin infrastructure and technologies, Blockstream, has just announced that it had spent about a quarter of $100 million to purchase mining rigs from MicroBT.
Blockstream is ready to take over the continent with the new purchase
In the Blockchain technology firm’s official statement, which began mining operations barely two years ago, the new acquisition aims to bolster its operations in the North American continent. The Bitcoin mining sector has been the neck of the network in the past few years and has been critical to its growth.
Blockstream expansion plans will bridge the dominance of Bitcoin mining rigs, which has gained strengths in Asia. In the statement of the CEO of the Blockchain Technology firm, Adam Back, he assures that the company has growth insight and hence the new purchase of the mining rigs. Adam further stated that Blockstream’s aspirations to be the continent’s leading Mining firm, amidst several challenges being faced, is the drive behind this new acquisition.
The company has since begun testing the new mining rigs, first in China and then in North America. Samson Mow, Strategy Head at Blockstream, had also expressed his excitement at the new acquisition, which he believes are the best in the market right now. He also believes that a partnership with MIcroBT will bolster their clients’ belief in them, considering the strengths of MicroBT in the cryptocurrency space.
Mining rigs are expanding their services
The latest news that has circulated the cryptocurrency space recently has not only been that of the growth of DeFi or Crypto exchanges developing new bespoke products, but mining rigs have also been making purchases of current. The growing Bitcoin prices have also been a factor surrounding the mining of the cryptocurrency, which have attracted more investors, hence a need for more mining.
Blockstream has joined a list of mining firms like Compute North and Hut8, who have now made bulk purchases of the foremost Whatsminer rigs to bolster their mining capacities and hash rate. However, considering that Hut8 spent about $12 million for its purchase of the new rigs, Blockstream’s $25 million acquisition might place them at the top of the North American chain of Bitcoin miners.
However, the real measurement of power is the hash rate and mining capacity, which cannot be determined with the information. Fortunately, the new acquisition by all parties will bolster the cryptocurrency and the Bitcoin space.