Blockstream Unveils Bitcoin Mining Facilities, With Fidelity as Early Customer

Bitcoin and blockchain technology company Blockstream has recently launched a colocation mining service that already has the Fidelity Center for Applied Technology on board as a customer.

Other notable customers include LinkedIn founder Reid Hoffman. According to Forbes, Blockstream released details regarding Bitcoin mining data centers in Quebec, Canada, and in Adel, Georgia. These, combined, have 300 megawatts worth of energy capacity that’s available to host enterprise-level mining operations.

The facilities reportedly accommodate Blockstream’s own mining operation, and are set to be open for smaller miners in the future. The company’s CSO Samson Mow reportedly noted that the facilities could add about 6 exahashes of computing power to the Bitcoin network, if used with the latest ASIC mining machines.

The company is also set to launch a new BetterHash-based mining pool, Blockstream Pool, that’s reportedly going to put the power back in the hands of individual miners. The firm is, according to a blog post, concerned about the potential centralization of Bitcoin and the network’s future. It wrote:

We began self-mining back in 2017 after being motivated by widespread concern that mining decentralization was declining. (…) We figured we could use our Bitcoin expertise to improve the situation.

The BetterHash project is designed to help decentralized mining pool decisions, by putting them in the hands of individual miners. Decisions such as which block to mine, for example, aren’t taken by the pool itself.

Blockstream’s blog post notes it first got into Bitcoin in 2017 over concerns surrounding its centralization. Some – mostly Bitcoin Cash proponents – argue the company helped push a “small block narrative” onto Bitcoin to then make money through the use of sidechains.