Blockstream Secures $210 Million for Expansion of L2 and Mining Operations
According to Crypto News Flash, Blockstream has successfully raised $210 million through a convertible note financing round led by Fulgur Ventures. This investment aims to enhance the adoption of Layer-2 technology and expand Bitcoin mining operations. The funds will be used primarily to accelerate the implementation of Layer-2 solutions like the Liquid Network, which offers improved scalability and efficiency for Bitcoin transactions.
The company is positioning itself strategically ahead of the next Bitcoin market cycle, aiming to increase its existing holdings in anticipation of rising demand post-Bitcoin halving in 2024. Additionally, Solv Protocol received an additional $11 million in funding aimed at simplifying Bitcoin staking processes and integrating new DeFi opportunities.
A Greener Future for Bitcoin: Sustainable Developments on the Rise
The Good News Magazin reports that efforts are underway to make cryptocurrencies more sustainable amidst growing criticism over their energy consumption. Innovations such as transitioning miners towards renewable energy sources like solar or wind power have shown promise in reducing environmental impact. Companies like Bitfarms exemplify this shift by operating entirely on hydropower.
Moreover, recycling initiatives targeting mining hardware aim to extend device lifespans while minimizing electronic waste. Technological advancements also include exploring less energy-intensive algorithms such as Proof-of-Stake (PoS), already adopted by Ethereum but yet considered by Bitcoin developers.
Crypto Stocks Rally: BTC Surges Above $66K Temporarily
Cointelegraph Deutschland highlights a significant rally among crypto stocks with notable gains recorded across various companies, including Coinbase and CleanSpark, following a temporary surge in Bitcoin's value above $66,000 USD—the highest since July 30th. Analysts speculate whether "Uptober," historically known for bullish trends during October months, could signal further upward momentum into Q4, fueled partly by upcoming US elections alongside anticipated halvings scheduled early next year potentially driving prices beyond previous all-time highs set earlier in March reaching nearly seventy-four thousand dollars per coin according to CoinGlass data analysis.