{"id":111656,"date":"2019-08-09T04:32:32","date_gmt":"2019-08-09T11:32:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=111656"},"modified":"2020-03-24T06:49:29","modified_gmt":"2020-03-24T06:49:29","slug":"blockstream-launches-mining-facilities-for-enterprises","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/blockstream-launches-mining-facilities-for-enterprises\/","title":{"rendered":"Blockstream launches mining facilities with Fidelity and LinkedIn founder as clients"},"content":{"rendered":"<p><a href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a> development company <a href=\"https:\/\/cryptoslate.com\/companies\/blockstream\/\">Blockstream<\/a> unveiled a new mining facility and mining pool aimed at enterprises, with the <a href=\"http:\/\/cryptoslate.com\/companies\/fidelity-investments\">Fidelity<\/a> Center for Applied Technology and LinkedIn founder Reid Hoffman being named as two of the service\u2019s first clients.<\/p>\n<p><a href=\"https:\/\/blockstream.com\/2019\/08\/08\/en-mining-launch\/\">Announced<\/a> Thursday by the Canada-based firm, the mining operation is capable of a hefty 300 megawatts output spread between two facilities in Quebec, Canada, and Georgia, U.S.A. If it were running at its full capacity\u20146 exashes of mining power, according to <a href=\"https:\/\/www.forbes.com\/sites\/ktorpey\/2019\/08\/08\/blockstream-reveals-massive-bitcoin-mining-facilities-fidelity-an-early-customer\/#2686bdcd4f3f\">Forbes<\/a>\u2014Blockstream\u2019s mining would have accounted for nearly 9 percent of the Bitcoin network hashrate on <a href=\"https:\/\/bitinfocharts.com\/comparison\/bitcoin-hashrate.html#3m\">Aug. 8<\/a>.<\/p>\n<h2>Decentralizing mining<\/h2>\n<p>The new service has been slated as \u201ccolocation\u201d for mining\u2014not \u201chosting\u201d.\u00a0 As such, Blockstream will install and maintain customers\u2019 own mining equipment in the two locations, while purportedly allowing the devices to be operated remotely by clients and controlled \u201cwith complete transparency.\u201d<\/p>\n<p>The colocation play comes as an apparent effort by Blockstream to decentralize Bitcoin mining and de-risk the network from a <a href=\"https:\/\/cryptoslate.com\/explained-51-percent-attacks-on-bitcoin-cryptocurrencies\/\">51% attack<\/a>, an event that in recent years may have come dangerously close to occuring with Bitmain and other conglomerate pools at times <a href=\"https:\/\/cryptoslate.com\/bitmain-mines-42-of-all-bitcoin-blocks\/\">mining more than 40<\/a> percent of all blocks. There is still some evidence suggesting that Chinese miners control a <a href=\"https:\/\/cryptoslate.com\/princeton-research-claims-china-motivated-to-kill-bitcoin-selfish-miners-governing-74-percent-of-network\/\">dangerously large<\/a> percent of the mining hash rate, but a <a href=\"https:\/\/cryptoslate.com\/analysis-bitcoin-mining-ban-china-impact-btc-price-security\/\">recent ban<\/a> on crypto mining in China may have changed that.<\/p>\n<h2>Power to the miners<\/h2>\n<p>Doubling down on this effort, Blockstream has also raised the curtain on its own mining pool utilizing a new, supposedly more decentralized, protocol created by longtime Bitcoin developer and Blockstream co-founder Matt Corrallo.<\/p>\n<p>The \u201c<a href=\"https:\/\/github.com\/TheBlueMatt\/bips\/blob\/betterhash\/bip-XXXX.mediawiki#Abstract\">BetterHash<\/a>\u201d protocol purportedly allows individual miners to control which transactions are included into new blocks as opposed to being determined by a centralized pool operator who may use the hashrate maliciously, <a href=\"https:\/\/www.forbes.com\/sites\/ktorpey\/2019\/08\/08\/blockstream-reveals-massive-bitcoin-mining-facilities-fidelity-an-early-customer\/#656e0dea4f3f\">according<\/a> to Blockstream CSO <a href=\"https:\/\/cryptoslate.com\/people\/samson-mow\/\">Samson Mow<\/a>.<\/p>\n<p>At first only Blockstream Mining customers will be able to access the pool, however, which has apparently been running on a testnet for a year.<\/p>\n<p>For now Blockstream Mining is intended strictly for \u201cinstitutional and enterprise customers\u201d and Blockstream\u2019s own mining operations, but will in the future be made available for smaller clients, the company said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin development company Blockstream unveiled a new mining facility and mining pool aimed at enterprises, with the Fidelity Center for Applied Technology and LinkedIn founder Reid Hoffman being named as two of the service\u2019s first clients. Announced Thursday by the Canada-based firm, the mining operation is capable of a hefty 300 megawatts output spread between [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":111659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60205,2376],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockstream launches mining facilities with Fidelity and LinkedIn founder as clients<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/blockstream-launches-mining-facilities-for-enterprises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockstream launches mining facilities with Fidelity and LinkedIn founder as clients\" \/>\n<meta property=\"og:description\" content=\"Bitcoin development company Blockstream unveiled a new mining facility and mining pool aimed at enterprises, with the Fidelity Center for Applied Technology and LinkedIn founder Reid Hoffman being named as two of the service\u2019s first clients. Announced Thursday by the Canada-based firm, the mining operation is capable of a hefty 300 megawatts output spread between [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/blockstream-launches-mining-facilities-for-enterprises\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-09T11:32:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-24T06:49:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/08\/blockstream-mining-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Blockstream launches mining facilities with Fidelity and LinkedIn founder as clients\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/blockstream-launches-mining-facilities-for-enterprises\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/blockstream-launches-mining-facilities-for-enterprises\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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