Blockcap Mining Company Acquires 12,000 More Antminer S19
Blockcap, one of the largest Bitcoin mining firms in North America, has purchased 12,000 more Antminer S19 devices from Bitmain to boost its hash rate.
According to Blockcap’s management, by Q4 the company will have more than 40,000 mining devices at its disposal, which will increase the company’s hashrate to 3.5 Eh / s. This will represent about 2% of the current total Bitcoin hash rate of 171.3 Eh / s.
Blockcap was founded in December 2020 by Core Scientific. To date, Blockcap is mining about six BTC daily. At launch, the mining firm had 13,000 Antminer S19s and 500 upgraded Antminer S17 devices.
In mid-February, Blockcap added an additional 10,000 Antminer S19 to its inventory, and later purchased 8,400 new generation miners from Canaan. Blockcap estimates that the mining hardware the firm now owns is valued at $ 270 million in the secondary market.
“Blockcap intends to become the world leader in mining bitcoins and other digital assets. With our recent acquisition, we are even closer to this goal. We’re moving towards the US positioning itself as a competitive player in this emerging industry, ”said Blockcap executive chairman Darin Feinstein.
Fundstrat’s VP of Digital Asset Strategy Leeor Shimron recently noted that the four largest mining companies surpassed Bitcoin by 455% in the past 12 months. Shimron explained that investing in the shares of these companies turned out to be more profitable than direct investments in bitcoin.
Until Bitcoin Exchange Traded Funds (ETFs) are approved, investors will view mining stocks as one of the few ways to access Bitcoin. Thus, the New York power plant Greenidge Generation, which uses its own capacities for BTC mining, announced its intention to enter the stock market through Nasdaq.
As a reminder, Kentucky legislators approved tax breaks for miners this month to attract more mining companies to the region.
