Blockstream is preparing to unveil its highly anticipated ASIC (Application-Specific Integrated Circuit) plant for Bitcoin mining in the third quarter of 2024.
The unveiling of this state-of-the-art mining facility marks the culmination of years of engineering work by the company.
Blockstream CEO and co-founder Adam Back made this announcement during the company’s first media briefing on Tuesday.
Blockstream and its new Bitcoin mining hardware
Blockstream made a significant move in 2021 when it acquired Spondoolies, an Israeli manufacturer of mining hardware.
As part of the acquisition, Blockstream brought in the Spondoolies team to strengthen its mining division.
The latter is led by Chris Cook, while Assaf Gilboa, former CEO of Spondoolies, serves as executive vice president.
In January 2023, Blockstream successfully raised $125 million in funding to expand its mining operations.
With plans to further scale its mining operations, the company aims to raise additional capi
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