How Blockstream’s New ASIC Division Will Propel Bitcoin Mining – Bitcoin Magazine

How Blockstream’s New ASIC Division Will Propel Bitcoin Mining – Bitcoin Magazine

Adding to a list of offerings that touches nearly every aspect of the industry, Bitcoin infrastructure company Blockstream is now planning to launch the “world’s first enterprise-class miner” in 2022. And, in addition to this being a massive challenge in and of itself, Blockstream hopes to improve the efficiency of mining rigs, meet major industry demand and increase the decentralization of the mining space in the process.

Acquiring Spondoolies, Innovating ASICs

In a “friendly merger” with mining hardware manufacturing company Spondoolies, Blockstream is launching its new ASICs manufacturing arm and adding to an already diverse suite of products and services, including mining and hosting (in Quebec, Canada and Georgia), energy efficiency development (through Blockstream Energy), a settlement sidechain project (the Liquid Network), investment products (through Blockstream Finance), as well as the Blockstream Satellite.

For this latest line, Blockstream has acquired both Spondoolies’ intellectual property (IP) and its core team in order to build up its new mining hardware arm. Spondoolies CEO Assaf Gilboa is coming on board as the head of Blockstream’s new ASIC division.

According to a recent announcement, since its founding in 2013, the Spondoolies team has designed and built five different mining products and was one of the first teams in the bitcoin mining industry to deliver energy-efficient, high-performance mining hardware.