Bitcoin mining still sparks debate that it is consuming too much fossil fuels, which is bad for the environment.
Blockstream, a Canada-based blockchain technology company and a major Bitcoin miner, has announced a new partnership to help it go green in its cryptocurrency mining business.
In a blog post Released Thursday, the company revealed that it has struck a deal with Macquarie Group, an Australian asset management and financial services firm with operations in 32 markets.
According to the announcement, the partnership with Macquarie Group will allow Blockstream to work on using renewable energy to mine Bitcoin (BTC).
Blockstream CEO Adam Back said the partnership with Macquarie offers huge potential.
According to him, the Australian company has extensive experience in traditional infrastructure and energy markets. He also pointed out that Blockstream is one of the biggest miners of BTC and also has great expertise in providing solutions based on blockchain technology.
This collaboration will therefore allow Blockstream to develop its capacities in terms of hosting mining equipment, with the contribution of the Australian company’s expertise in the energy field. The mining company plans to explore the use of carbon neutral energy sources and how to harness them in the mining process.
The North American mining giant BTC will then seek to expand this collaboration to use green energy in its mining facilities.
The partnership between the two companies comes at a time when Bitcoin’s price is struggling to regain the bullish outlook that saw it hit highs near $ 65,000 earlier this year.
In particular, it comes a few months after a severe Chinese crackdown on Bitcoin miners, as the debate over the cryptocurrency’s enormous power consumption resurfaced at the start of the summer.
The view that Bitcoin mining relies heavily on fossil fuels prompted Tesla to do an about-face on Bitcoin, and the BTC market’s reaction was to see prices drop to their lowest level in several months.
In addition, Argo Blockchain would have obtained a $ 25 million loan to finance a 320-hectare facility in Texas for “green” Bitcoin mining.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.
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