Cryptocurrencies

Galaxy Digital Taps Blockstream for Hosted Mining Operations

Galaxy Digital said its new bitcoin-mining business will use Blockstream facilities for an initial deployment of machines in the U.S. and Canada.

The public crypto company’s partnership with Blockstream, a bitcoin technology company, comes almost two months after the official launch of its mining unit.

Galaxy Digital Mining did not specify how many machines were deployed in the initial installation. But the company plans to continue expanding its mining operations, noting that it chose Blockstream’s facilities for “operational excellence,” according to Amanda Fabiano, Galaxy’s head of mining.

Related: ‘Foolish’ to Invest in High-End GPUs for Crypto Mining, Says Research Firm Head

Blockstream recently bought $25 million of mining machines from MicroBT for its own use, per CoinDesk’s prior reporting. “Galaxy has plenty of room to grow with us,” CEO Adam Back said in a statement shared with CoinDesk.

Galaxy’s shares, which are publicly traded on the Toronto Stock Exchange, are up 40% already this year. But they’ve taken a hit this week along with broader cryptocurrency and technology markets, down nearly 13% in March to below $16.

Note: This author was previously employed by Blockstream and holds no equity in either company.

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