Blockcap stands as one of the biggest Bitcoin mining firms North America has to offer. Recently, the organization managed to incorporate another 12,000 Bitmain Antminer S19s within its inventory.
Earning Six BTC A Day
With this new purchase, the firm revealed that it plans to have around 40,000 Bitcoin miners deployed by the fourth quarter of this year. The projected operational hashrate for such an event stands at around 3.5 exahashes per second (EH/s). This would equate to around 2% of Bitcoin’s entire combined hashrate, which currently runs at around 171.3 EH/s.
As a testament to the mining power, Blockcap manages to mine around six Bitcoin a day. The firm itself was founded back in December of 2020, with its founders in question being veterans of Core Scientific, a major blockchain hosting company. Blockcap claims that it has combined assets of five other existing mining companies into itself, as well.
Numerous Acquisitions
The December 2020 launch saw Blockcap boast around 13,000 Antminer S19s, with another 500 S17s that were upgraded. Since then, however, the firm had incorporated another 10,000 S19s within its inventory back in mid-February of this year. Another batch of new-generation miners, 8,400 to be exact, were purchased from Canaan earlier this month as well. As it stands now, Blockcap estimates that its mining hardware alone would be worth around $270 million in the secondary markets.
Darin Feinsten stands as the Executive Chairman of Blockcap, and stressed the intent of the company to bolster the hashing power of the Bitcoin network based in the US. In the statement, he declared that his company will double down on its mission to becoming a Bitcoin and crypto mining leader within the world at large, thanks to the recent acquisition of hardware.
He declared that his company is moving as fast as it can in order to make the US one of the crypto mining industry’s global players, something Feinsten claimed is becoming an increasingly strategic industry as time goes on.
Bitcoin Miners Easy Exposure To BTC
Indeed, traders’ imaginations are quickly being captured by way of Bitcoin Mining firms. Leeor Shimron, an analyst at Fundstrat, made note recently that the four largest mining firms publicly-listed right now had actually managed to outperform Bitcoin by a factor of 455% when you work on an average throughout these past twelve months. Shimron speculated that traders see Bitcoin miners as the only really good way to gain exposure to Bitcoin, at least until the ETFs start to roll into the US markets.
Greenidge Generation announced on the 22nd of March that it is making plans to go public as well, using the latest trend for these crypto companies to do so: Special Acquisition Company. As it stands now, Greenidge is making plans to trade its shares within NASDAQ.
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