Blockstream, a company that provides software and infrastructure for Bitcoin, has been working on a project to build mining equipment since 2021. The original plan called for this to be completed in 2022, but the crisis the industry was experiencing at the time may have slowed momentum.
“There are two general approaches to manufacturing. One is to do a random run first, which is a kind of test.” called Blockstream CEO and co-founder Adam Back during a press conference. added: “That would land the miner in the third quarter of next year or so.”
Adam Back has repeatedly expressed his desire for Blockstream to contribute decentralize the manufacture of bitcoin mining equipment, is currently dominated by two companies, Bitmain and MicroBT.
In 2021, the company raised $210 million that would be used in part to develop hardware specializing in bitcoin mining, CriptoNoticias reports. That same year, Blockstream acquired Israeli mining equipment maker Spondoolies, whose core team now runs the company’s mining division.
In January this year block stream collection another $125 million to expand the company’s mining activities. The company then said:
“Blockstream will use the newly acquired funds, including its debt financing, to expand its mining facilities to meet demand for its institutional hosting services,” reads a press release.