Galaxy Digital Leverages Blockstream Facilities for Bitcoin Mining Operations

| Updated
by Ibukun Ogundare · 3 min read
Galaxy Digital Leverages Blockstream Facilities for Bitcoin Mining Operations
Photo: Depositphotos

Despite the partnership announcement, Galaxy Digital Mining did not provide specific details on the number of machines deployed for the first installation.

Diversified financial services and investment management company in the digital asset sector Galaxy Digital (TSX: GLXY) said it is now hosting its newly-launched Bitcoin mining operations at Blockstream facilities. The diversified financial services firm noted that its Bitcoin-mining operations would use Blockstream facilities to initially deploy machines in Canada and the US.

CoinDesk said in a report that the partnership between Galaxy Digital and Bitcoin technology company Blockstream occurred less than two months after Galaxy Digital officially launched its mining operations.

In January, Galaxy Digital announced the launch of its miner financial services. At the time, the firm also added that it would begin its own Bitcoin mining business. Notably, providing financial services to Bitcoin miners has been a work-in-progress for Galaxy Digital since October 2020.

In addition, Galaxy Digital selected the former director of Mining at Fidelity, Amanda Fabiano, to head the new mining operations. Along with Fabiano, Galaxy Digital stated that there is a team of vast professionals working to advance the new unit. According to the press release, the new unit will be called Galaxy Digital Mining. The press release examined the functions of the new mining unit:

“…a new business unit committed to providing bitcoin miners with a comprehensive suite of financial services and products. Galaxy Digital Mining will serve as a one-stop financial services platform for miners-drawing the firm’s expertise in trading and risk management, investing and lending, and corporate advisory under one umbrella, tailored to the needs of the mining sector.”

Galaxy Digital Now Hosting Mining Operations Facilities

Now, Fabiano said that the company hopes to continually expand its mining operations. Despite the partnership announcement, Galaxy Digital Mining did not provide specific details on the number of machines deployed for the first installation. According to Fabiano, the financial services firm selected to use Blockchain’s facilities for “operational excellence.”

Blockstream CEO Adam Back also commented on the new partnership with Galaxy Digital. He said that Galaxy Digital has the opportunity to further growth with the Bitcoin technology company.

Earlier this year, Blockstream announced that it had purchased $25 million worth of Bitcoin mining machines from a Chinese manufacturer of crypto mining equipment MicroBT. Blockstream hopes to expand its mining operations with its new acquisition.

Data by MarketWatch revealed that Galaxy Digital stock had grown nearly 60% since the year began. The company’s stock has also spiked 189.68% in the last three months and almost 30% over the past month. With a market capitalization of $1.69 billion, Galaxy Digital stock has jumped 4.56% in the last five days. At press time, GLXY is closed at $17.41, a 5.74% loss over its previous close of $18.47.

Galaxy Digital has also partnered with CI Global Asset Management to launch a Bitcoin Fund in Canada. 

Bitcoin News, Blockchain News, Cryptocurrency news, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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