Big Moves in Bitcoin Mining
Blockcap, one of North America’s heavyweights in the Bitcoin mining industry, is making headlines with a new acquisition of over 12,000 Antminer S19s. That’s like equipping a small army with some seriously powerful weapons in the battle for Bitcoin!
About Blockcap
Founded in December 2020 from the ashes of five former mining operations, Blockcap is operated by veterans from Core Scientific, a significant player in blockchain hosting. They launched with a solid line-up of 13,000 Antminer S19s and have quickly become a formidable force in the crypto minelands.
Ramping Up Production
With this recent boost in inventory, Blockcap is set to deploy over 40,000 Bitcoin miners by the end of the year, eyeing an operational hash rate of approximately 3.5 exahashes per second (EH/s). To put that in perspective, they would account for around 2% of Bitcoin’s current total hash rate of 171.3 EH/s. Talk about flexing those mining muscles!
Valuable Assets on the Market
Blockcap estimates that its hardware holds a staggering value of $270 million in secondary markets. That’s a lot of virtual shovels and pickaxes to dig for digital gold. This only adds to their credibility and ambition in a space that’s becoming fiercely competitive.
Strategic Intentions
Darin Feinsten, Blockcap’s executive chairman, has made it clear: they’re not just mining Bitcoin; they’re on a mission. “We are doubling down on our mission to become a world leader in the mining of bitcoin and other digital assets,” he announced. This bold statement signals their intention to cement the U.S.’s position in the global crypto arena.
Publicly Traded Mining Companies
As traders closely watch Bitcoin mining firms, it’s worth noting that the largest publicly traded mining operations have hit performance records, eclipsing Bitcoin itself by a whopping 455% over the last year. Fundstrat’s analyst Leeor Shimron suggests that with no Bitcoin ETF approved yet, public mining companies are the closest thing to gaining exposure to Bitcoin for many investors. Kind of like having access to the VIP lounge without being on the guest list.
Looking Ahead
With Greenidge Generation planning to go public, joining forces with Support.com, the landscape of Bitcoin mining could be about to change dramatically. With their very own power facility in Upstate New York, they’re positioning themselves to play a major role in this electrifying market.
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