In two separate funding rounds, the Texas-based miner raised more than $38 million.
Blockcap, one of North America’s fastest-growing Bitcoin (BTC) mining firms, has raised major contributions from some of cryptocurrency’s biggest names, paving the way for significant growth throughout the coming year.
Off the hook Blockcap reported Wednesday that The Chain Capital and Foundry Digital, a subsidiary of Digital Currency Group, added to the $75 million haul. The funds will be used to increase the company’s mining activities as well as to support the ongoing development of digital assets in the United States.
A community of blockchain veterans formed Blockcap in 2020. It now commands a fleet of approximately 12,000 machines mining approximately 7 BTC every day. This number is projected to rise to more than 30,000 by the end of the year, enabling the company to raise its hashing capacity to more than 3.5 exahashes per second. As previously published by Cointelegraph, Blockcap reports that its mining hardware is worth $270 million on secondary markets.
According to the firm, Blockcap actually accounts for approximately 1% of all Bitcoin network transactions.
Foundry Digital’s CEO, Mike Colyer, said that his company sees “opportunity for long-term growth in Blockcap.”
Off The Chain’s chief investment officer, Brian Estes, said that Blockcap’s purchase of tens of thousands of miners shows “just how big Blockcap has become.” He elaborated:
“Mining is the critical infrastructure necessary to ensure the ecosystem progresses and we believe that Blockcap will continue to catalyze the growth of digital assets in cyberspace.”
In addition to expanding its mining operations, Blockcap is looking to promote the mainstream adoption of blockchain technology, especially in the United States. Darin Feinstein, Blockcap’s executive chairman, said:
“We’re excited for what is in store for digital asset mining here, especially the associated benefits of economic growth and job creation.”
China continues to dominate the Bitcoin mining market, but its domination seems to be less than previously expected. As of July 2020, the Asian powerhouse was likely responsible for about half of the global Bitcoin mining industry — not 65 percent, as many thought. The United States supplied 14 percent of mining capacity at the time.
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