BlockFi becomes partner in Blockstream’s mining business

BlockFi, a crypto-lending platform, will host mining equipment at one of Blockstream’s data centres in Georgia.

We’re proud to welcome #Bitcoin lending platform @BlockFi as another major #BlockstreamMining partner. ⛏️ https://t.co/SBhblc63cK pic.twitter.com/0kw6WJG6mS

— Blockstream (@Blockstream) May 18, 2021

The collaboration marks BlockFi’s expansion into cryptocurrency mining. Blockstream operates the equipment on its own behalf and on behalf of its partners in co-located facilities.

The hash rate involved in the deal was not disclosed. The data centre where it will be installed can support up to 300 MW.

The new direction will open a path for vertical integration of the supply chain and diversification of revenue streams, according to the press release.

Earlier in March 2021, the crypto-lending platform raised $350 million to launch a Bitcoin cashback Visa card and expand beyond the United States.

Earlier BlockFi launched the Bitcoin Trust fund, aimed at “institutional and other accredited investors”.

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