Blockstream Is Betting on Bitcoin Comeback as It Hoards Crypto Mining Rigs
- Firm will buy machines and sell them around ‘halving’ event
- We think there’s a huge price correction coming: Blockstream
This article is for subscribers only.
Bitcoin developer Blockstream Corp. is betting that the world’s most valuable cryptocurrency is poised for a massive rebound, and is buying up Bitcoin mining rigs so that it can sell them for a profit later should the prediction hold.
Montreal-based Blockstream was one of the earliest Bitcoin infrastructure companies, conceived in 2014 by CEO and co-founder Adam Back, among the industry insiders thought to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin — speculation dispelled by Back.