Blockstream to partner with Australia’s Macquarie for green bitcoin mining

FILE PHOTO: FILE PHOTO: The logo of Australia's Macquarie Group adorns a desk in the reception area of its Sydney office headquarters
FILE PHOTO: FILE PHOTO: The logo of Australia's biggest investment bank Macquarie Group Ltd adorns a desk in the reception area of its Sydney office headquarters in Australia, Oct. 28, 2016. REUTERS/David Gray/File Photo/File Photo

September 9, 2021

(Reuters) – Blockchain firm Blockstream Mining said on Thursday it would partner with Australian financial conglomerate Macquarie Group to develop bitcoin mining facilities that use renewable energy.

Bitcoin is the world’s biggest cryptocurrency and is “mined” using vast amounts of electricity generated with fossil fuels, leading to criticism over the environmental harm from mining.

But as cryptocurrencies gain popularity and broader acceptance as investment assets and payment units, attempts are being made to mitigate mining’s environmental impact.

Blockstream said in a blog post https://bit.ly/3tF34VX that the partnership would initially include mining hardware hosting, with the potential to scale in stages as green power infrastructure is deployed. The first project will be based in North America.

The Victoria, Canada-based firm had earlier this year teamed up with Jack Dorsey’s payments firm Square Inc and Norwegian holding company Aker ASA to build renewable-power bitcoin projects.

Macquarie, Australia’s largest investment bank and fund manager, did not immediately respond to a Reuters request for comment.

(Reporting by Sameer Manekar in Bengaluru; Editing by Aditya Soni)