The firm co-founded by Adam Back plans to market his Bitcoin ASIC at the 3rd quarter 2024.
Building a bitcoin mining business takes time and a lot of capital. August 2021, Blockstream raised $210 million and embarked on the development of the ASIC miners (Application-Specific Integrated Circuit) via the acquisition of Spondoolies.
The company also offers colocation mining services for institutional customers. Earlier this year, Blockstream raised a further $125 million to finance the growth of its mining operations.
Two years’ delay for Bitcoin ASIC
But the Canadian company is also working on the design of its own mining equipment. However, it won’t be launched this year. At a press conference, CEO and co-founder Adam Back spoke of a release date of around 3rd quarter 2024reports Coindesk.
The delays are piling up, admittedly against a backdrop of crisis that is not sparing established mining companies. Several have filed for bankruptcy in the last 12 months.
Blockstream, for example, originally planned to bring its miner to market in 2022. So we can already count on two years behind schedule. “There are basically two approaches to manufacturing,” explains the CEO.
Blockstream develops Liquid and Jade
And the first, the one chosen by Blockstream, requires prior testing, the completion of which would push back the launch of the machine to the 3rd quarter of next year. And this deadline is not guaranteed.
The Canadian company is also pursuing other product developments, including Liquid and Jade. The Liquid network is presented as a layer2 Bitcoin enabling the issuance of security tokens and other digital assets.
Blockstream Jade is a physical Bitcoin wallet described as “easy to use, purely open-source, offering advanced security for your bitcoins and Liquid assets”.
The company is developing a whole range of tools for the Bitcoin network, including an implementation of the Lightning protocol. In fact, it was on the LN network that El Salvador’s Bitcoin Bond was to have been issued… another project that is behind schedule.
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