One of the largest bitcoin mining and blockchain technology companies in North America, Blockcap, Inc. ("Blockcap"), announced today its purchase of an additional 8,400 AvalonMiner 1246s. Acquired from top manufacturer Canaan, the large-scale purchase of these state-of-the-art machines brings the number of Blockcap-operated miners to be deployed by Q4 of this year to over 30,000.
The latest move by Blockcap is a testament to the company’s continued aggressive expansion in the United States and follows its recent acquisition of 10,000 Bitmain S19 miners earlier this year. With the addition of the Canaan machines, Blockcap will deploy new miners in 2021 valued in today’s secondary market at over $150 million. The new additions will nearly triple Blockcap’s total hashing power from six months ago.
Founded in 2020 by two veterans of Core Scientific, a blockchain-hosting company, Blockcap, in addition to continuing to add hardware, is actively seeking to grow by acquiring high-quality mining operations. Clark Swanson, Blockcap’s CEO and Vice Chairman, noted in a statement that the latest deal with Canaan further positions his company as a premier mining operation and helps establish the United States as a global hub for digital-asset mining and blockchain technology.
"This acquisition builds on the hard work our team has done to elevate Blockcap as a leader in mining digital assets," Swanson said. "We’re growing faster by the day, and we’re also excited about other critical moves that will soon be announced and which will see our best-in-class infrastructure continue to bring value through enhanced quality, reliability and transparency."
Using an existing fleet of roughly 10,000 fully operational miners mining at roughly .95 Exahash per second (EH/s), Blockcap mines approximately six bitcoin (BTC) per day. With the full installation of all new mining hardware planned to take place by Q4, Blockcap’s hashing power is expected to increase to more than 2 EH/s. In total, the company’s fleet could account for well over one percent of the total Bitcoin network hashrate globally.
Blockcap, Inc. (the "Company" or "Blockcap"), was founded in 2020 by blockchain industry veterans who have successfully structured or co-founded other large technology companies including the largest blockchain infrastructure company in the United States, Core Scientific, Inc. All mining equipment is currently hosted at Core Scientific’s data center facilities in the United States. Blockcap had approximately 1 Exahash of processing power by the end of fiscal 2020, representing approximately 0.75% of the hashing power of the entire BTC global network at the time.