VICTORIA, British Columbia, Aug. 17, 2021 /PRNewswire-PRWeb/ -- Blockstream has announced Blockstream Energy, a new service for energy producers that offers scalable energy demand using Bitcoin's innovative proof-of-work (PoW) consensus algorithm. Blockstream Energy utilizes modular mining units (MMUs)—self-contained and remotely operated mining facilities—which enable power producers to sell surplus electricity and maximize energy production efficiency without any exposure to bitcoin price volatility or risk.
"For the first time, energy producers can control and scale demand to meet their supply. This incredibly powerful tool can be used to make existing electrical grids far more efficient while also significantly improving the economics of renewable energy projects," explained Chris Cook, CIO and head of mining at Blockstream. "Looking ahead, we are very excited to leverage Bitcoin technology to accelerate renewables and anticipate this market to grow and remain coupled."
Blockstream MMUs are deployed to energy production sites to enable highly scalable and dynamically adjustable energy demand. They are plug-and-play, and their ISO-compliant dimensions make them easy to ship globally or between energy production sites. Once on site, MMUs can fill a variety of valuable roles for energy producers, including optimizing energy utilization, balancing electric grids, and improving carbon trading strategies.
By leveraging the Blockstream Satellite network, we can connect, operate, and manage MMUs anywhere on the planet, regardless of how remote the energy site may be. This global capability enables energy producers to tap previously unviable hydro and solar hotspots as well as utilize excess energy at sites isolated from civilian or commercial power infrastructure. By monetizing previously stranded or otherwise wasted energy, Blockstream Energy maximizes ROI for energy producers and enables renewable energy generation facilities to be located in optimal locations.
"Much of the world's usable renewable sources are concentrated in remote locations where there is little local demand and not much surrounding infrastructure," said Adam Back, Chief Executive Officer at Blockstream. "By combining Blockstream Energy with our network of satellites, these energy hotspots can be tapped into. We look forward to working with partners to identify some of these areas where stranded energy can be utilized for Bitcoin mining to further incentivize investment in renewables."
The Blockstream Energy launch comes amid a series of notable Blockstream Mining announcements that pursue alternative energy solutions, including a partnership with energy infrastructure multinational Aker and a $5 million open-source, solar-powered Bitcoin mine with Square, Inc. These recent ventures demonstrate how mining bitcoin in conjunction with renewable energy can act as a catalyst in driving clean energy adoption.
About Blockstream
Blockstream is the global leader in Bitcoin and blockchain infrastructure. Blockstream's sidechain technology (Liquid Network) enables faster Bitcoin settlements while empowering financial institutions to tokenize assets. Blockstream Mining provides enterprise-class mining facilities for the colocation of Bitcoin mining operations. The Cryptocurrency Data Feed, developed in partnership with Intercontinental Exchange, delivers best-in-class real-time and historical exchange data. Blockstream Green is the world's most advanced consumer Bitcoin wallet. Blockstream was founded in 2014, with offices and team members distributed around the world.
About Blockstream Mining
Blockstream Mining provides Bitcoin mining equipment colocation in purpose-built data centers designed to meet the needs of institutional and enterprise customers. Blockstream's hosting services support the fast deployment of virtually any type of mining equipment and provide customers with complete control over their mining operations.
Media Contact
Fernando Nikolic, Blockstream, +1 (236) 987-8977, [email protected]
SOURCE Blockstream
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