Blockstream to launch mining rig in Q3 2024.

The Bitcoin infrastructure company, Blockstream, plans to reveal its highly-anticipated Application-Specific Integrated Circuit (ASIC) miner in the third quarter of 2024. This miner is the result of years of engineering work. Blockstream CEO and co-founder, Adam Back, made this announcement during the company’s first ever media briefing on Tuesday.

In 2021, Blockstream acquired Israeli mining hardware manufacturer Spondoolies and integrated the manufacturer’s core team into Blockstream’s mining division. Chris Cook leads the division, with former Spondoolies CEO Assaf Gilboa serving as executive vice president.

Blockstream raised $125 million in January 2023 to expand its mining operations and plans to raise more funds to support its mining business. The new ASIC was originally scheduled for release in 2022, but Back now expects it to be available in the second half of 2024.

“There’s two rough approaches to manufacturing. One is to do a shuffle run first, which is kind of a test run,” Back told blockchain during the briefing. “So that would put the miner into sort of Q3 next year roughly.”

In addition to discussing Blockstream’s mining business, Back and his executive team talked about the company’s other projects, such as Liquid, a federated sidechain or secondary blockchain that interacts with the primary Bitcoin blockchain, and Jade, Blockstream’s flagship hardware bitcoin (BTC) wallet.

Edited by Aoyon Ashraf.