Blockcap, one of the largest crypto mining firms in North America, has acquired an additional 8,000 rigs and has begun mining other cryptocurrencies.
It has been reported that the mining firm said it planned to have more than 50,000 mining rigs online by the end of 2022. Blockcap now controls more than 12,000 mining rigs, generating more than 6.6 Bitcoin (BTC) daily, around $380,000, as of May 3. The firm added that it was accelerating its move to mine other cryptocurrencies including Ether (ETH).
Texas seems to be shaping up to be one of the most alluring regions for crypto miners in the US. https://t.co/5MVzQIWayX — Cointelegraph (@Cointelegraph) May 3, 2021
However, according to the firm, the addition of the ETH mining rigs in operation would account for 1.229 terahashes per second or around 0.21% of that of the Ethereum network. The more than 50,000 Bitcoin miners, when fully operational, are projected to control roughly 2% of BTC’s current combined hash rate.
Darin Feinstein, the Executive Chair and Founder of Blockcap, said:
“Blockcap’s growth strategy is focused on bringing various peer-to-peer digital assets directly to the people who will utilize them to improve their lives. We strive to contribute to the critical infrastructure necessary for mass adoption of these digital asset technologies so people can participate more fully in the global financial system.”
Both Blockcap and Riot Blockchain, two of the largest crypto mining operations in the United States, have announced plans to set up a shop in Texas for their corporate offices and their mining facilities.
Thus, Blockcap raised more than $75 million in two funding rounds led by Off The Chain Capital and Foundry Digital.