Bitcoin mining continues to spark debate over its reliance on fossil fuels and the environmental impact of the practice.
Blockstream, a Canada-based blockchain technology company and a major Bitcoin miner, has announced a new partnership designed to help make its cryptocurrency mining operations greener.
In a blog post published Thursday, the company revealed it has reached an agreement with Macquarie Group, an Australian asset management and financial services firm operating across 32 markets.
According to the announcement, the partnership with Macquarie Group will enable Blockstream to pursue renewable energy sources for Bitcoin (BTC) mining.
Blockstream CEO Adam Back described the partnership as having significant potential.
He noted that Macquarie brings extensive experience in traditional infrastructure and energy markets, while Blockstream is one of the largest Bitcoin miners with deep expertise in blockchain-based technology solutions.
Combined, the companies plan to expand Blockstream’s capacity for hosting mining hardware by leveraging Macquarie’s energy-sector expertise. The mining firm intends to explore carbon-neutral energy sources and how to integrate them into the mining process.
Blockstream aims to scale this collaboration to incorporate green energy across its mining facilities.
The partnership comes as Bitcoin’s price struggles to regain the bullish momentum that pushed it near $65,000 earlier this year.
It also follows a harsh crackdown on miners in China earlier this year, which reignited the debate over the cryptocurrency’s substantial electricity consumption in the early summer months.
Concerns that Bitcoin mining relies heavily on fossil fuels prompted Tesla to reverse its stance on Bitcoin, and the market responded with a drop in BTC prices to multi-month lows.
Separately, Argo Blockchain reportedly secured a $25 million loan to develop a 320-acre site in Texas for “green” Bitcoin mining, a move that mirrors growing industry interest in cleaner energy solutions for mining operations.