Blockstream partners with Australian Macquarie for green bitcoin mining

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FILE PHOTO: The logo of Australia’s largest investment bank Macquarie Group Ltd adorns an office in the reception area of ​​its head office in Sydney, Australia, October 28, 2016. REUTERS / David Gray / File Photo / File Photo

September 9 (Reuters) – Blockchain company Blockstream Mining announced Thursday that it will partner with Australian financial conglomerate Macquarie Group (MQG.AX) to develop bitcoin mining facilities using renewable energy.

Bitcoin is the world’s largest cryptocurrency and is “mined” using large amounts of electricity generated from fossil fuels, which has sparked criticism of the environmental damage caused by mining. Read more

But as cryptocurrencies gain popularity and wider acceptance as investment assets and units of payment, attempts are being made to mitigate the environmental impact of mining.

Blockstream said in a blog post that the partnership will initially include hosting mining hardware, with the potential to evolve in stages as green energy infrastructure is deployed. The first project will be based in North America.

The Victoria, Canada-based company earlier this year partnered with payments firm Jack Dorsey Square Inc (SQ.N) and Norwegian holding company Aker ASA (AKER.OL) to build projects of renewable energy bitcoin. Read more

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

Sameer Manekar report in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.

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