“Blockstream’s co-location mining operation great news for Bitcoin”

CoinCorner’s CEO, Danny Scott, commented: “The recent announcement of Blockstream’s co-location mining operation in Quebec and Georgia is great news for Bitcoin.

“Blockstream has some of the best minds in the industry. Many of their staff are involved in the core development of the Bitcoin protocol and more notably, the layer 2 solutions such as the Lightning Network, which allow for Bitcoin payments to be instantaneous and cost just fractions of a penny.

“Back in 2017, we witnessed mining operations becoming centralised around China, as Chinese miners controlled the largest Bitcoin mining pools. Blockstream Mining not only brings a very experienced and professional company into the mining space, but will also help more decentralised mining within the industry.

“It’s important to note that they also mention that their mining setup is running off hydroelectric power, meaning they are using renewable energy which has no impact on the environment. This is another great step in the right direction for the industry, especially given the highly publicised but unnecessary concerns around the effects of Bitcoin mining on the environment.

“We support Blockstream’s belief that those actively involved in Bitcoin should take part in mining in order to help maintain the decentralised security of the network, therefore we are also exploring the option of joining this venture.”

Author: Yash Hirani

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