Blockcap Inc, a new crypto mining operator formed by veterans of major crypto mining infrastructure companies, was announced today, creating what is believed to be the largest independent cryptocurrency mining operator on North American soil.
The formation of the new mining entity, Blockcap Inc. (‘Blockcap’) combines the assets of five pre-existing Bitcoin mining companies. By operating what is amongst the largest collections of hashing power in the US, Blockcap hopes to benefit from economies of scale in purchasing equipment and managing energy risk, in order to generate higher returns.
According to Blockcap, the company’s current mining fleet includes nearly 13,000 next-generation Bitmain S19 mining rigs and 500 upgraded S17s, of which 8,442 are presently deployed, and 1,426 are in the process of being deployed. The current hashing power is around 800 Petahashes, with forecasts to hit almost 1 Exahash at full deployment.
At present, the whole Bitcoin mining network is operating at approximately 132 Exahashes which means that Blockcap’s operation could represent almost 0.75% of the total hashing power.
The third quarter of 2020 saw Blockcap mine 425 Bitcoin whilst rival Riot Blockchain, Inc. (NASDAQ: RIOT) reported 222 Bitcoins mined during the same period.
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Peter Novak, President of Blockcap said: “From the team we have put together, to our state of the art ASICs, and our top-notch infrastructure partners, we are proud about what we have achieved with Blockcap.”
“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.”
Founded by blockchain industry veterans, Blockcap’s board includes Entrepreneur and Tech Investor, Larry Rudolph whose entertainment law firm of Rudolph & Beer boasted a number of high-profile clients, including Britney Spears, Taylor Swift, Lady Gaga, Justin Timberlake and more.
Over the coming months, Blockcap expects to expand its operations through acquisitions of other existing mining companies and by adding more servers.