2 - 4 minute read
Bitcoin infrastructure firm Blockstream has announced that it expects to launch its long-awaited Application-Specific Integrated Circuit (ASIC) miner in the third quarter of 2024. The announcement was made during the company’s first media briefing by Blockstream CEO and co-founder Adam Back. Blockstream acquired Israeli mining hardware manufacturer Spondoolies in 2021 and brought the manufacturer’s core team into Blockstream’s mining division. The company raised $125 million in January 2023 to expand its mining operations and plans to raise even more capital to fund its mining business.
According to Back, the new ASIC was originally scheduled for launch in 2022, but the company decided to do a shuffle run first, which is a test run, and this has moved the release date to the second half of 2024. The ASIC miner is the culmination of years of engineering work, and it will be a significant development in the bitcoin mining industry.
Blockstream’s mining division is headed by Chris Cook, and former Spondoolies CEO Assaf Gilboa serves as executive vice president. During the media briefing, Back discussed not only Blockstream’s mining business but also the company’s other projects, such as Liquid, a federated sidechain or secondary blockchain that interacts with the primary Bitcoin blockchain, and Jade, Blockstream’s flagship hardware bitcoin wallet.
Overall, the launch of Blockstream’s ASIC miner is expected to have a significant impact on the bitcoin mining industry. Traders should pay close attention to the company’s progress as it nears the launch date. The new ASIC miner is expected to improve the efficiency and speed of bitcoin mining, which could lead to increased competition among miners.
According to Back, the new ASIC miner is a significant development for the company, and it will help Blockstream to expand its mining operations further. The company plans to raise more capital to fund its mining business and continue to develop new products and services for the bitcoin industry.
The Bottom Line:
Blockstream’s announcement that it plans to launch its ASIC miner in 2024 is a significant development for the bitcoin mining industry. Traders should pay close attention to the company’s progress as it moves closer to the launch date. The new ASIC miner is expected to improve the efficiency and speed of bitcoin mining, which could lead to increased competition among miners. The launch of Blockstream’s ASIC miner is a positive sign for the future of bitcoin mining and the industry as a whole.
