/Blockstreams $210 Million Raise Is Critical In The Global Bitcoin Arms Race

Blockstreams $210 Million Raise Is Critical In The Global Bitcoin Arms Race

The below is from a recent edition of the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

As covered yesterday by Bitcoin Magazine’s very own Nik Hoffman, the Bitcoin infrastructure and services company Blockstream has raised $210 million in funding during its most recent seed round, valuing the company at $3.2 billion.

“Some of the money raised will be spent on advancing Blockstream’s bitcoin mining products and services like Blockstream Energy. The new mining infrastructure they are building is planned to be used in many partnerships such as their collaboration with Square, where they are developing a solar-powered mining facility.

The rest of the money will be used to build financial infrastructure with bitcoin-focused financial products and Liquid, which is a sidechain-based settlement network that enables faster, more confidential bitcoin transactions.” – Bitcoin Magazine

Blockstream, which is headquartered in Victoria, Canada, will most definitely play a big role over the coming years in terms of North American ASIC production and manufacturing, which is sorely needed since most semiconductor chip and ASIC manufacturing is currently happening offshore.

In a world where supply chains have never been more backlogged, domestic manufacturing of mining rigs should be considered a matter of national security for the United States. Although Blockstream itself is located in Canada, recently announced partnerships with companies like Square to develop solar-powered mining facilities is critical in the global bitcoin arms race.

The monetization process of bitcoin will only happen once. When looking throughout the history of the network, the BTC one can acquire per hash has only decreased over time in an exponential decay fashion. 

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