Bitcoin Miner Blockcap Aims to Have 40,000 ASICs in Operation by Q4

Blockcap, which operates one of the largest mining centres in North America, has bought 12,000 Bitmain Antminer S19s. The miner is on course to have in operation over 40,000 Bitcoin miners by the end of fourth-quarter and forecasts a running hashrate of about 3.50 exahashes per second (EH/s), equaling about 2% of Bitcoin’s prevailing merged hashrate of 171.30 EH/s.

Currently, Blockcap mines roughly six Bitcoins per day. The firm was established in December 2020 by veterans of popular blockchain focused firm, Core Scientific. Blockcap asserts that it had bought the assets of five mining companies.

Blockcap, which started mining with about 13,000 Antminer S19s and 500 overhauled S17s, bought another 10,000 S19s in mid-February. Furthermore, the company purchased 8,400 miners (latest version) from Canaan earlier in March. Blockcap has estimated that its mining hardware is worth about $270 million in the secondary market.

Through a media release, Darin Feinsten, Blockcap’s executive chairman, stressed the company’s plan to increase the hashing power in the US:

“With this latest hardware acquisition, we are doubling down on our mission to become a world leader in the mining of bitcoin and other digital assets. We are moving at high speed to position the United States as a global player in this increasingly strategic industry.”

Traders are increasingly lured by Bitcoin mining companies. In fact, Fundstrat analyst Leeor Shimron has pointed out that the four-largest publicly-traded mining firm overshadowed Bitcoin’s performance by 455% in the last 12 months on average.

He believes that “Until a Bitcoin ETF is approved, investors may view public mining companies as one of the only ways to get exposure to Bitcoin.”

Yesterday, Greenidge Generation revealed its intention to become a publicly listed entity by merging with a special acquisition firm. Specifically, Greenidge aims to get listed on Nasdaq. Currently, the company is majorly owned by private investment firm Atlas Holdings, and operates its own power generation centre.