Blockstream to Start Bitcoin Mining? – Trustnodes

Blockstream to Start Bitcoin Mining?

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Blockstream apparently bought some $5.2 million worth of Asics, giving them a hashrate of 80 PH/s, out of bitcoin’s current hashrate of some 50,000 PH.

According to Avi Mizrahi of Bitcoin.com, who cites publicly available shipping data and bills of landing (invoice), Blockstream bought 4,650 Asics from a China based manufacturer Innosilicon.

That gives them a tiny amount of bitcoin’s network share, with Blockstream previously suggesting they are to enter mining at a small scale.

Why they wish to do so is unclear. The 2014 founded start-up is more focused on bitcoin related development, such as the hardware based Liquid or potentially sidechains.

They hire many Bitcoin Core developers, including Pieter Wuille, who has commit access to the repository.

They have been very politically involved regarding bitcoin’s direction and at times have clashed with miners, so some are suggesting that Blockstream is trying to acquire hashrate to have some actual say in bitcoin.

Yet the amount is insignificant, with mining a very competitive matter that can easily lead to bankruptcy if not carefully managed.

Copyrights Trustnodes.com

 

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