Blockchain startup Blockcap rolls out aggressive growth plans

Blockcap, a rather recent entry into the block reward mining sector, forecasts to deploy over 40,000 ASIC miners by the fourth quarter of 2021, per online news reports. Its goal is to have roughly 3.5 exahashes per second (EH/s) by the end of the year once all mining machines are delivered and operational. This ambitious goal equates to roughly 2% of BTC’s currently combined hashrate of 171.3 EH/s.

Blockcap previously reported to it already mining approximately six BTC tokens each day on 0.95 exahash per second (EH/s) of computing power on its existing machines. Two veterans of Core Scientific founded the block reward miner in December 2020. They claimed to have combined the assets of five existing mining companies in order to launch so quickly. 

The North American firm originally launched with about 13,000 Antminer S19s alongside 500 upgraded S17s. Blockcap then added another 10,000 S19s to its inventory in mid-February. It continues to spend on hardware. 

At the beginning of March, it reported the purchase agreement of 8,400 new-generation AvalonMiner 1246s from Canaan. Just last week, it was reported Blockcap bought another 12,000 Antminer S19 rigs. 

Netizen and industry experts estimated this latest purchase cost more than $33 million. Overall, Blockcap believes that its blockchain mining hardware inventory would be valued at $270 million in the secondary markets.

Previously in a media release, Darin Feinsten, Blockcap’s Executive Chairman, declared the company’s intention to bolster U.S.-based hashing power: “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.”

Few details are currently available when the new hardware will be shipped and installed. The company remains on track to accomplish this year-end goal.

See also: TAAL’s Jerry Chan presentation at CoinGeek Live, The Shift from Bitcoin “Miners” to “Transaction Processors”