Blockstream, the Canadian Bitcoin technologies company, is launching a Bitcoin mining facility and mining pool, the firm announced in a blog post Thursday. Blockstream’s mining data center will host its clients’ mining activities in addition to Blockstream’s own mining operations. The mining facility counts Fidelity Center for Applied Technology and LinkedIn co-founder Reid Hoffman among its initial clients.
According to Blockstream, the firm began its mining operations in 2017 and was “motivated by widespread concern that mining decentralization was declining.” According to a Forbes’ report, at full capacity, Blockstream’s mining facility would “account for roughly 6 exahashes of Bitcoin mining power.” This amount of hash power would equate to roughly 7% of the Bitcoin network’s daily hashrate this week.
Blockstream has previously raised $90 million from investors including Khosla Ventures, AXA Venture Partners, and Reid Hoffman. The firm has launched a line of products and services including Liquid, a commercial sidechain product, Blockstream Green, a mobile Bitcoin wallet, and the Blockstream Satellite, a 24/7 service enabling users to broadcast and receive Bitcoin transactions and blocks from satellites.