In a large-scale deal for bitcoin mining machinery, leading North American blockchain technology company Blockcap, Inc. (“Blockcap”) announced today that it has acquired 10,000 additional Bitmain S19 miners. The acquisition is set to double the company’s already expansive fleet, adding another layer of best-in-class bitcoin miners that are expected to be delivered starting in March. At today’s secondary-market prices, the estimated value of the new equipment is approximately $100 million.
Blockcap, founded in 2020 by two veterans of Core Scientific, a large blockchain-hosting company, runs one of the largest mining operations in North America. Today the company generates, on average, six bitcoin (BTC) per day using a fleet of roughly 10,000 miners mining at roughly .95 Exahash per second (EH/s).
The latest hardware acquisitions include machines that arrive in the United States starting in March 2021, with units arriving every month up until August 2021. By then, 100 percent of the new hardware will be installed. This will double Blockcap’s current mining capacity and bring its hashing power to an estimated 1.9 EH/s. At that rate, Blockcap’s total fleet could account for more than 1 percent of the entire Bitcoin network hashrate worldwide.
The company is also aggressively seeking to expand by acquiring other high-quality mining operations. In a statement, Blockcap CEO Clark Swanson described the latest move as key for fueling the company’s continued growth with more state-of-the-art mining technology and strengthening the United States’ position as a key hub for mining digital assets.
“This acquisition is an important step, not only for the trajectory of Blockcap, which is positioned to become the largest mining operation in the United States, but for the future of securely settling bitcoin transactions with a robust and geographically diverse Bitcoin network,” Swanson said. “In 2021 and beyond, we will continue building and expanding our current infrastructure, executing with the highest standards for quality, reliability and efficiency.”
Blockcap, Inc. (the “Company” or “Blockcap”), was founded in 2020 by blockchain industry veterans who have successfully structured or co-founded other large technology companies including the largest blockchain infrastructure company in the United States, Core Scientific, Inc. All mining equipment is currently hosted at Core Scientific’s data center facilities in the United States. The Company had approximately 1 Exahash of processing power by the end of fiscal 2020, giving Blockcap approximately 0.75% of the hashing power of the entire BTC global network at the time.
For more information, visit https://www.blockcap.com/ or contact (833) 901-BLOC toll-free.
Follow Blockcap on LinkedIn.