Australian financial services giant Macquarie Group Ltd. and Blockstream will set up a test mining facility powered by renewable energy sources.
According to a statement on Blockstream’s website, international investment bank Macquarie will leverage the company’s mining capabilities and Blockstream’s expertise in hosting cryptocurrency mining equipment. The company will be based in the United States. If successful, Blockstream plans to create new sites as the green energy infrastructure develops further.
The venture will test carbon neutral alternatives for mining cryptocurrencies, and Macquarie will invest in exploring renewable energy for mining, the companies say.
Macquarie became interested in investing in the industry earlier this year. According to the company’s January report, bitcoin can provide returns that are not correlated with traditional assets, while at the same time providing protection against currency depreciation and a surge in inflation.
“Macquarie’s expertise and scale in investing in traditional infrastructure, commodity and energy markets, and Blockstream’s position as a leading BTC miner and technology provider for the cryptocurrency industry offer tremendous potential,” said Blockstream CEO Adam Back.
In early summer, it was revealed that payments company Square and Blockstream would be setting up a solar-powered BTC mining joint venture to demonstrate that Bitcoin mining can be green.
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