Blockstream, a prominent blockchain service provider, has announced a strategic BTC mining agreement with BlockFi, the famous digital currency service manager. In Tuesday’s announcement, one of the world’s leading distributed ledger companies described the mining agreement as a major milestone and welcomed its new partner.
With access to more than three hundred MW of energy capacity, BlockFi has already deployed its crypto-miner at the Georgia mining facility of Blockstream. The announcement further added that the company plans to diversify its revenue streams and accumulate the world’s most famous digital asset on its balance sheet.
Founded three years ago, BlockFi aimed to bridge the gap between the traditional market and the growing crypto market by offering credit and lending services to crypto investors. With more than hundreds of millions generated as interest for clients, the company currently manages $15 billion in assets.
On the other hand, Blockstream is looking to expand its crypto mining operations by forming critical alliances like this one. Previously, it inked an agreement with Galaxy Digital to assist its mining operations. Besides that, the company also struck a deal with Aker to make the mining process more environment-friendly.
The US is Becoming a key Player in Crypto Mining
Aker, a Norway-based firm, is a prominent player in the renewable energy market and is famous for providing its services to the Bitcoin ecosystem. Since the launch of BTC after the 2008’s financial market, China had mostly dominated the mining market.
However, there seems to be a significant shift underway as the Chinese government continues its crackdown on local miners. In April, the government ordered a halt to mining operations in Mongolia. Beijing is pushing its crackdown on fossil-fuel-based mining operations.
Meanwhile, the rise of mining firms using renewable energy makes the United States a key player in the ecosystem. Especially, the state of Texas, which is famous for its low energy rates, is now becoming the new favorite state for miners.