However, despite the challenges faced by the industry, the demand for institutional-grade mining services has remained strong, with companies such as Blockstream continuing to attract significant investment.

Blockstream, which was founded in 2014, provides a range of infrastructure services for the Bitcoin network, including satellite and lightning network services, as well as mining co-location services.

The company operates a number of mining facilities around the world, and also offers a Bitcoin mining pool that allows individual miners to join forces to increase their chances of finding new blocks.

The company has previously raised over $76 million in funding from investors including AXA Strategic Ventures, Horizons Ventures, and AME Cloud Ventures.

With the latest funding round, Blockstream is well-positioned to continue its expansion into the institutional mining space, as it looks to capitalize on the growing demand for its services.

The funding will also enable the company to develop new products and services, with a focus on reducing risk for institutional miners, and enabling enterprise users to build high-value use cases.

With the recent funding round, Blockstream will be looking to further solidify its position as a leading provider of institutional-grade mining services, and continue to drive adoption of Bitcoin among institutional investors.