Blockstream Energy Expands Power Options for Bitcoin Mining

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Bitcoin and blockchain infrastructure company Blockstream introduced Blockstream Energy, its new service that allows power producers to sell excess electricity to proof-of-work miners. Combined with the connectivity provided by the Blockstream satellite, the new service is designed to extend the potential reach of bitcoin mining to renewable energy sources, even in remote locations.

Blockstream Mining provides bitcoin mining equipment to institutional and corporate clients. It also offers hosting services where it deploys mining equipment and then hands full control of the platforms to the customer.

Blockstream Energy uses Modular Mining Units (MMUs), which are essentially independent mining facilities that can be operated remotely. Power producers like the owners of turbines or nuclear power plants can sell energy to the operators of these MMUs that otherwise would not have been used.

For the first time, energy producers can control and adapt demand to meet their supply. This incredibly powerful tool can be used to make existing power grids much more efficient while dramatically improving the economics of renewable energy projects, said Chris Cook, CIO and head of mining at Blockstream.

Power producers can use Blockstream MMUs for a variety of purposes, including balancing power grids and improving carbon trading strategies. Since MMUs can be shipped worldwide and are plug-and-play, there are many renewable energy mixes that can power them. Blockstream deploys these MMUs at power generation sites to enable scalable and dynamically adjustable energy demand.

Much of the world’s usable renewable sources are concentrated in remote locations where there is little local demand and little surrounding infrastructure, said Adam Back, CEO of Blockstream.

The Blockstream Satellite global network can connect to MMUs anywhere in the world and allow their operators to manage them remotely, giving them the ability to locate their operations at sites isolated from high-demand civilian or commercial power infrastructure. . Therefore, renewable energy production facilities can be located in a variety of locations, such as near waterfalls or isolated volcanoes, and take advantage of cost-effective energy sources that might otherwise be inaccessible.

Recently, Blockstream released a series of announcements targeting renewables in bitcoin mining. In March, he announced a partnership with energy infrastructure company Aker and a $ 5 million open source deal with Square.

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