Blockstream Energy May Allow Bitcoin Mining Anywhere There is Power

Blockstream, a bitcoin and blockchain infrastructure startup, has launched Blockstream Energy, a new service that allows energy providers to sell surplus power to proof-of-work miners. The new service, when combined with the Blockstream satellite's connection, is intended to extend bitcoin mining's potential reach to renewable energy sources even in distant places.

Blockstream Mining sells bitcoin mining equipment to businesses and institutions. It also provides hosting services, in which it installs mining equipment before handing over complete management to the client.

Modular mining units (MMUs) are self-contained mining operations that may be controlled remotely by Blockstream Energy. Turbine or nuclear power plant owners, for example, may sell energy to the operators of these MMUs that would otherwise go unused.

“For the first time in history, energy producers have the ability to manage and scale demand in order to match their supply. “This extremely powerful technology can be used to substantially improve the economics of renewable energy projects while also making current electricity grids much more efficient,” said Chris Cook, Blockstream's CIO and head of mining.

Blockstream MMUs may be used by energy producers for a number of tasks, including as balancing power grids and enhancing carbon trading tactics. Because MMUs are portable and plug-and-play, they may be powered by a variety of renewable energy sources. These MMUs are used by Blockstream at energy producing locations to allow scalable and dynamically changeable energy demand.

Bitcoin mining from outer space

“Much of the world's viable renewable resources are located in distant areas with little local demand and minimal surrounding infrastructure,” said Adam Back, Blockstream's CEO.

The Blockstream Satellite network can link to MMUs anywhere on the planet and enable their operators to control them remotely, allowing them to locate their operations away from high-demand civilian or commercial power infrastructures. As a result, renewable energy production facilities may be built in a range of places, such as near remote waterfalls or volcanoes, and take use of lucrative energy sources that would otherwise be unavailable.

Blockstream has recently made a number of statements on the use of renewable energy in bitcoin mining. It announced a collaboration with Aker, a provider of energy infrastructure, as well as a $5 million open source agreement with Square in March.