The depths of a bear market will not be one of the best time to boost funds however that’s precisely what Blockstream is doing.

The crypto infrastructure agency has acquired recent funding, however at a a lot decrease valuation than earlier rounds, in keeping with a Dec. 7 Bloomberg report.

Blockstream was valued at $3.2 billion when it held its final Collection B funding spherical elevating $210 million in August 2021. In the present day that valuation could have fallen nearly 70% to under $1 billion in keeping with the report.

The corporate, based in 2014, has raised a complete of $299 million in funding over 4 rounds, in keeping with CrunchBase.

Blockstream CEO and cryptographer Adam Again didn’t share particulars of the most recent funding spherical however did reveal that the capital will likely be invested into increasing the agency’s mining capability.

“We quickly bought out the entire capability and have a giant backlog of present and new clients with miners in search of large-scale internet hosting with us.”

The agency is working with Jack Dorsey’s Block (previously Sq.) to develop a solar-powered Bitcoin mining facility. The mining farm may have 3.8 megawatts (MW) {of electrical} capability utilizing Tesla’s photo voltaic expertise and its Lithium-ion 12 MWh ‘Megapack’, as reported by Cointelegraph in April.

Again acknowledged that BTC costs and mining profi tability had been down however added “internet hosting charges have risen over the past quarters and our mining providers are a quickly increasing, high-margin enterprise enterprise for us.”

Bitcoin miners are at the moment struggling a triple whammy of excessive hash charges and problem, excessive power costs, and low BTC costs. This has brought on profitability, or hash value, to fall to near-record lows of round $0.064 per TH/s per day, in keeping with Hashrate Index.

Associated: Blockstream CEO Adam Again talks Bitcoin over a sport of Jenga

In its month-to-month publication on Dec. 5, Blockstream revealed that its Blockstream Mining Word (BMN) token has earned round 5.37 BTC cumulatively in returns almost midway into its three-year time period.

BMN is an EU-compliant safety token that gives certified buyers entry to Bitcoin hash charge on the agency’s U.S. enterprise-grade mining.

The agency has additionally been selling a brand new restricted version ‘Jade Clear’ {hardware} pockets claiming that it’s “hodling our Bitcoin into the 2090s and past.”