The US will host another huge crypto mining operation on its soil. Veterans of the major crypto mining infrastructure firms recently announced the launch of Blockcap Inc., a new crypto mining operation. It is believed to be the largest independent North American mining operation.
What is the new entity all about?
Blockcap Inc. was formed after combining the assets of five pre-existing Bitcoin mining firms. It could become one of the largest crypto mining operations in the US. Blockcap hopes that it would benefit from economies of scale when it comes to purchasing equipment for the facility and managing the energy risk. This could help it generate higher returns.
The company’s existing mining operations include 13,000 Bitmain S19 mining rigs and another 500 upgraded S17s. Of these, 8,442 miners have already been deployed while other 1,426 are in the process of deployment. The current hashing power of the operation in 800 pentahashes. At full deployment, the firm hopes to hit the 1 Exahash mark.
A huge mining deployment
Blockcap has an ambition hashing power target, given the total mining network of Bitcoin operates at approx. 132 Exahashes. Upon full deployment, Blockcap could hold 0.75% of the total hashing power of the network. Blockcap mined 425 BTC in the third quarter of 2020 compared to 222 BTC mined by Riot Blockchain.
Blockcap president Peter Novak said that their team, infrastructure partners, and their state-of-the-art ASICs are responsible for their business. He added,
“Moreover, we have the resources and relationships necessary to continue to scale Blockcap’s mining operations in a financially efficient manner to take advantage of the rapidly expanding market for digital currency.”
Blockchain’s board includes Larry Rudolph, entrepreneur and tech investor whose entertainment law firm Rudolph & Beer is associated with a number of high-profile clients like Lady Gaga, Taylor Swift, Britney Spears, Justin Timberlake, and many more.