U.S. miner Blockcap plans to have 40,000 ASICs operational by Q4

Mar 23, 2021 | CoinTelegraph News | 0 comments


Despite launching in December, Blockcap plans to possess an operational hashrate of 3.5 EH/s by 2022.

Blockcap, one of the largest Bitcoin mining firms in North America, has added more than 12,000 additional Bitmain Antminer S19s to its inventory.

The firm is now expecting to have deployed more than 40,000 Bitcoin miners by the fourth quarter, and projects an operational hashrate of roughly 3.5 exahashes per second, or EH/s — equal to roughly 2% of BTC’s currently combined hashrate of 171.3 EH/s.

Blockcap currently mines approximately six BTC each day.

The firm was founded in December 2020 by veterans of major blockchain hosting company, Core Scientific, with Blockcap claiming to have combined the assets of five existing mining companies.

After launching with roughly 13,000 Antminer S19s, and 500 upgraded S17s , Blockcap added another 10,000 S19s to its inventory in mid-February, before acquiring 8,400 new-generation miners from Canaan earlier this month. Blockcap estimates its mining hardware is valued at $270 million n the secondary markets.

In an announcement, Darin Feinsten, Blockcap’s executive chairman, emphasized the company’s intention to bolster U.S.-based hashing power:

“With this latest hardware acquisition, we are doubling down on our mission to become a world leader in the mining of bitcoin and other digital assets. We are moving at high speed to position the United States as a global player in this increasingly strategic industry.”

Bitcoin mining firms are increasingly capturing the imagination of traders, with Fundstrat analyst Leeor Shimron recently noting the four-largest publicly-listed mining firms outperformed BTC by 455% over the past 12 months on average.

“Until a Bitcoin ETF is approved, investors may view public mining companies as one of the only ways to get exposure to Bitcoin,” he speculated.

On March 22, Greenidge Generation announced it plans to go public by combining with a special acquisition company. Greenidge is targeting for its shares to trade on the Nasdaq. The company is majority-owned by private equity firm Atlas Holdings, and possesses its own power generation facility.

News Source from CoinTelegraph.com

Related Articles

Mapping out Genesis Block Ventures’ portfolio

Mapping out Genesis Block Ventures’ portfolio

Quick Take Based in Hong Kong, Genesis Block was founded in 2017 by Wincent Hung and Clement Lp. Aside from operating a proprietary trading desk and offering market making, the firm formed Genesis Block Ventures (GBV), a separate entity that provides investment to the...

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it's already making a play to gate-crash the institutional custody space. Just days after its licensing, the firm announced the close of a $53 million Series B round for...

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

It's all about Elon as Twitter provides the backdrop to an ongoing battle between hodlers and the "Dogefather." Bitcoin (BTC) is nearing $40,000 this week as “Dogefather” Elon Musk deals out pure pain to hodlers — what’s next?After a traumatic weekend for many crypto...

Pin It on Pinterest

Share This