Blockchain firm Blockstream Mining has partnered with Australian financial giant Macquarie to build a Bitcoin mining facility using renewable energy, the company announced via a blog post on Wednesday.
Macquarie is an Australian-based financial group with over $550 billion in assets under management. The company offers a variety of services including wealth management, retail and business banking, and renewable energy development.
It was revealed that the first facility would be located in North America under the partnership.
Concerning the green mining project, Blockstream wrote in its blog post:
“Our new partnership with Macquarie builds on previously announced collaborations with Aker and Square to build out alternative and renewable-powered Bitcoin mining projects. The new initiative with Macquarie will include mining hardware hosting to start, with the potential to scale in stages as green power infrastructure is deployed.”
In another press release, Blockstream CEO Adam Back commented:
“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.”
Blockstream has previously explored several partnerships to work on alternative energy solutions. It recently partnered with Seetee, a subsidiary of Aker, a leading Norwegian energy infrastructure company, to examine the options available for renewable power optimization.
Power generation facilities such as solar power, wind power, and hydropower are often generated in remote areas which often have low seasonal demand.
As a plan to utilize this surplus electricity for Bitcoin mining, the company routed this power in times of low seasonal demand to mining facilities.
The company also collaborated with payments giant Square to build a facility for bitcoin mining with 100% renewable energy, via solar panels. Furthermore, in August, Blockstream launched a new service called “Blockstream Energy” that offers scalable energy demand using Bitcoin’s innovative proof-of-work (PoW) consensus algorithm.