Blockstream Plans Second Series of Blockstream ASIC Note Offering
Blockstream CEO Adam Back has revealed that the company is seeking to raise additional funds to purchase Bitcoin (BTC) mining hardware through a second series of its Blockstream ASIC (BASIC) Note offering. The goal is to meet the anticipated demand for miners over the next two years.
Series 1 Sells Out
The initial $5 million raise for Blockstream’s ASIC Note offering was a success, with the company acquiring unused Antminer S19k Pro ASIC miners for $4.87 million. This particular miner is highly popular among Chinese manufacturers and was obtained through SunnySide Digital.
Back explains that this presents a unique opportunity due to the increase in Bitcoin price and the decrease in miner prices. At the beginning of the year, ASICs were selling for $35 per terahash, but now they are available for $13.5 per t/h with this purchase.
Hot Take: Blockstream Eyes Expansion in Bitcoin Mining
Blockstream’s decision to launch a second series of its Blockstream ASIC Note offering reflects its belief in the growing demand for Bitcoin mining hardware. By capitalizing on surplus mining equipment available on the secondary market, the company aims to meet this demand and potentially generate substantial profits. With the success of Series 1, Blockstream has established itself as a key player in the Bitcoin mining industry and is poised for further expansion. As Bitcoin continues to gain popularity and value, investing in mining hardware presents an attractive opportunity for both individuals and companies looking to enter the crypto mining space.
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