BlockFi Taps Blockstream for Mining Colocation Services

JERSEY CITY, NJ, May 18, 2021 -- BlockFi is excited to announce that we will be hosting our new Bitcoin mining operations with Blockstream Mining. As a Blockstream Mining partner, BlockFi seeks to complement our financial service offerings and diversify our sources of Bitcoin with Bitcoin mining.

BlockFi will deploy miners at Blockstream's modular mining facility in Adel, Georgia. With over 300MW of power capacity available, the facility is outfitted with the latest in advanced power, cooling, and air filtration technology.

Under Blockstream's end-to-end mining colocation services, BlockFi will eliminate the overhead costs of research, construction, and maintenance typically required when starting a large-scale Bitcoin mining operation. By lowering these barriers to entry, Blockstream can expand institutional participation to help strengthen Bitcoin’s network security and further overall decentralization efforts.

“As BlockFi looks to expand our offerings to the mining community and accumulate Bitcoin on our balance sheet, mining directly to support the Bitcoin network provides a means to vertically integrate our supply chain while diversifying our revenue streams,” explained Joe Chu, Director, Principal Credit and Mining at BlockFi. “We wanted to work with one of the leaders in the hosting industry, and Blockstream was at the top of that list with its strong track record of professionalism, reliability, customer service and machine support.”

The BlockFi mining partnership comes amid several significant rollouts from Blockstream Mining in recent months, including the release of its Bitcoin mining security token, the Blockstream Mining Note (BMN).

"Our experience with developing Bitcoin technology and operating mining infrastructure has given us a wealth of expertise to deliver enterprise-class services to clients,” said Chris Cook, head of Blockstream Mining. “We’re thrilled to partner with such a pivotal player in the Bitcoin business community like BlockFi. We look forward to building upon this mining venture with BlockFi to improve the global distribution of Bitcoin mining and further strengthen Bitcoin’s underlying protocol.”

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.

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.

Nothing contained in this announcement should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction.  The information provided in this announcement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This announcement is not directed to any person in any jurisdiction where the publication or availability of the announcement is prohibited, by reason of that person's nationality, residence or otherwise.

Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. Learn more at BlockFi.com.

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