Australian multinational investment bank and financial services giant Macquarie has formed a partnership with Blockstream to create a carbon-neutral bitcoin mine in the US.
According to a release from Blockstream, the crypto mining firm has teamed up with Macquarie to leverage its expertise in finance, energy and commodities markets and green infrastructure.
The initiative is targeting a greener approach to mining cryptocurrency and builds on Blockstream’s previously announced collaborations with Aker and Square to establish sustainably powered crypto mining facilities. Blockstream is currently one of the largest Bitcoin miners in North America.
In this pilot project, Macquarie will invest in the facility while utilising Blockstream’s expertise in exploring opportunities to provide renewable energy to power the mining process. With more than US$428 billion in assets, the Macquarie Group is one of the world’s leading investors in renewable energy infrastructure, with 44 gigawatts of generation under development, construction or operation as of March 31, 2021.
Macquarie’s experience and scale in traditional infrastructure investment, as well as commodity and energy markets, and Blockstream’s position as a leading Bitcoin miner and provider of Bitcoin-based technology solutions offers terrific potential.
Dr Adam Back, Blockstream CEO
Making Bitcoin Green
As bitcoin becomes more mainstream, its adoption has slowly grown from individuals to investment funds to entire countries. With more than 25 bitcoin mining companies joining forces to make bitcoin greener, the push toward a carbon-neutral bitcoin is well under way.
Having made BTC official legal tender this week, El Salvador has also resolved to build a 100 per cent green mining facility using geothermal energy from the the Central American republic’s 20 active volcanoes.
As bitcoin progresses on its journey towards widespread acceptance, it remains to be seen if the digital asset can uplift those countries whose currencies have depreciated to the level where they’re no longer worth holding on to.
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