- Despite its December launch, Blockcap expects to reach a hash rate of 3.5 EH/s by 2022.
- Blockcap, one of North America’s biggest Bitcoin mining companies, has added over 12,000 more Bitmain Antminer S19s to its inventory.
- By the fourth quarter, the company expects to have deployed over 40,000 Bitcoin miners.
- The operational hash rate is expected to be around 3.5 exahashes per second (EH/s).
Blockcap claims to have combined five existing mining companies’ assets, having been launched in December 2020 by veterans of major blockchain hosting company Core Scientific.
Blockcap mines about six bitcoins per day at the moment.
After launching with approximately 13,000 Antminer S19s and 500 upgraded S17s, Blockcap added another 10,000 Antminer S19s to its inventory in mid-February before purchasing 8,400 new-generation miners from Canaan earlier this month. Blockcap mining hardware is estimated to be worth $270 million on the secondary markets.
Darin Feinsten, executive chairman of Blockcap, stated in a statement that the company’s goal is to boost hashing power in the United States:
“We’re doubling down on our goal of becoming a global leader in bitcoin and other digital asset mining with this latest hardware purchase. We’re putting in a lot of effort to establish the United States as a global player in this growing industry.
Companies mining Bitcoin
Bitcoin mining companies like Blockcap are catching traders’ attention, with Fundstrat analyst Leeor Shimron recently stating that the four biggest publicly traded mining companies outperformed BTC by 455 percent on average over the past 12 months.
Investors may view public mining companies as one of the only ways to get exposure to Bitcoin until a Bitcoin ETF is approved, he speculated.
Greenidge Generation announced on March 22 that it would merge with a special acquisition company to go public. Greenidge needs to list its shares on the Nasdaq. The corporation, which also has its own power generation plant, is majority-owned by Atlas Holdings.