Bitcoin Infrastructure Firm Blockstream to Unveil Its Long-Awaited Mining Rig in 3Q of 2024

The company expects to raise more capital to fund its mining business.

AccessTimeIconJun 13, 2023 at 9:16 p.m. UTC

Bitcoin infrastructure firm Blockstream expects to unveil its long-awaited Application-Specific Integrated Circuit (ASIC) miner – a culmination of years of engineering work – around the third quarter of 2024, according to Blockstream CEO and co-founder Adam Back during the company’s first ever media briefing on Tuesday.

The company acquired Israeli mining hardware manufacturer Spondoolies in 2021, and brought the manufacturer’s core team into Blockstream’s mining division, which is headed by Chris Cook with former Spondoolies CEO Assaf Gilboa serving as executive vice president.

In January 2023, Blockstream raised $125 million to expand mining operations, and says it plans to raise even more capital to fund its mining business. The new ASIC was originally slated for a 2022 launch but Back now anticipates having the miner available in the latter half of 2024.

“There's two rough approaches to manufacturing. One is to do a shuffle run first, which is kind of a test run,” Back told CoinDesk during the briefing. “So that would put the miner into sort of Q3 next year roughly.”

Besides delving into Blockstream’s mining business, Back and his executive team discussed the firm’s other projects such as Liquid, a federated sidechain or secondary blockchain that interacts with the primary Bitcoin blockchain and Jade, Blocksteam’s flagship hardware bitcoin (BTC) wallet.

Edited by Aoyon Ashraf.


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Frederick  Munawa

Frederick Munawa was a Technology Reporter for Coindesk. He covered blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.

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