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- Earlier this year, Blockstream collaborated with two global giants for mining betterment.
Since the last couple of months, the crypto market has been struggling hard, and whenever the market tries to recover, some such event occurs that negatively affects the prices of crypto products.
The globally popular crypto-mining firm has raised funds less than its company valuation, and it could be predicted that it is because of the bearish market.
According to reports from Bloomberg on December 7, 2022, the Blockstream crypto sector famous company is seeking fresh funding, but at lower valuations than before.
According to data from Crunchbase, Blockstream led four funding rounds totaling $299M. In Seed Round, Blockstream collected$21M, Series A Round was $51M, it also collected $11M, and the last round was the biggest of all, $210M.
It is important to note that when Blockstream raised funds in the series B round, the company was valued at $ 3.2 billion. It is assumed that the company’s total valuation dipped by 70 percent is below $ 1 billion.
Adam Back, Chief Executive Officer of Blockstream and a renowned cryptographer, didn’t reveal details about the fundraising round but noted that the capital would be used to expand and enhance the mining capacity of the firm.
“We rapidly sold out all of the capacity and have a big backlog of existing and new customers with miners seeking large-scale hosting with us.”
Earlier in April 2022, TheCoinRepublic reported that Blockstream collaborated with Tesla of Elon Musk and Block of Jack Dorsey to opt for solar mining techniques.
Prominent electric vehicle and clean energy company Tesla is moving towards solar and storage technology. This came out after the interview of the CEO and co-founder of Blockstream, Adam Back, who explained that his company was going through a massive experiment. It will become one of the first crypto-mining firms fully powered by energy generated through renewable energy sources.
Adam said people like it so much to debate the distinct factors of what to do with bitcoin mining. He said his company has figured it out and will now prove it. Mentioning a dashboard showing people to go along would also inform others to participate. This would be their step towards proving their thesis that mining the flagship cryptocurrency, bitcoin, can fund infrastructure with zero-emission and build economic growth.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
