Blockstream, a leading blockchain technology platform based in Canada, has just launched Blockstream Mining, a mining collocation service, along with the mining pool. The company made an official announcement through a blog post published on August 8.
Through the blog post the company revealed two massive data centers for enterprise class collocation services, along with Blockstream Pool, using the BetterHash protocol. This solves a key issue with many mining pools, in which the pool operators determine which transactions to include. Hence decentralization is increased, and potential attacks on the network become much more difficult.
Blockstream’s mining data center will host its clients’ mining activities in addition to Blockstream’s own mining operations.
In addition to that, this collocation service will allow businesses complete mining operations monitoring and control as well as the option to manage them remotely. The blog further denotes that there is a qualified team on deck to handle all the requirements: from the safe shipment of the mining equipment and reliable installation to real-time control and analytics to on-site tech support.
Currently, the service is available only to institutional and enterprise customers. However, the company has stated that operations support, along with more services, geared towards individuals as well as small businesses, will be soon added. The mining facility counts Fidelity Center for Applied Technology and LinkedIn co-founder Reid Hoffman as one the first clients of their new mining service.
According to the blog post, Blockstream Mining will provide mining equipment collocation service in the firm’s data centers – Quebec and most recent one, Georgia – as well as all over North America. The data centers account respectively for a combined 300 megawatts of energy capacity. At full capacity, populated with the latest mining rigs, this could account for around 7.5% of the entire network hashrate.
Blockstream CSO Samson Mow has disclosed that the platform’s mining efforts were mostly based on concerns about the network’s future:
“We began self-mining back in 2017 after being motivated by widespread concern that mining decentralization 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.”
Meanwhile, Blockstream has previously raised $90 million from investors including Khosla Ventures, AXA Venture Partners, and Reid Hoffman. The firm has launched a line of varied products and services. For instance, Blockstream has been busy lately, developing its Liquid sidechain project, bringing speed and cost benefits to the Bitcoin network.
Other products made available for customers include Blockstream Green – a mobile Bitcoin wallet, as well as the Blockstream Satellite, which is a 24/7 service enabling users to broadcast and receive Bitcoin transactions and blocks from satellites.