AUSTIN, Texas, April 9, 2021 /PRNewswire/ — Blockcap Inc. (“Blockcap”), one of the largest bitcoin mining and blockchain technology companies based in the United States, announced today the establishment of its Austin headquarters in a move that the former governor of Texas, Rick Perry, lauded as a critical development in bringing innovation in digital asset technology to the Lone Star State. The decision follows a flurry of cutting-edge technology firms relocating to Texas, notably Elon Musk’s car-making company, Tesla, which bought $1.5 billion of bitcoin in February and now allows customers to buy its vehicles using the world’s premier digital currency.
Perry, who served for 14 years as Governor of Texas, cited Blockcap’s presence as a major accelerant for job creation and sustainable economic growth in the state for years to come. With its expansive and new-generation mining machines, moreover, Blockcap aims to use its new Austin-based headquarters for transforming the United States into a central global player for digital asset mining and blockchain technology more broadly.
“The State of Texas welcomes Blockcap and its decision to establish its headquarters in our capital, which is yet more evidence that we have become the premier location for forward-looking industries like blockchain,” said Perry. “With Blockcap now joining Tesla and a whole host of other innovative companies here, I’m even more excited for what the future has in store for our state, our flourishing industries and, most of all, our people.”
Highlighting Blockcap’s continuing growth, the firm recently announced it has raised more than $75 million in funding since its founding last year. Blockcap also has announced several large-scale acquisitions of bitcoin mining machines that would now be worth approximately half a billion dollars on today’s secondary market, the delivery of which is expected to take place over the course of this year and next.
Blockcap’s executive chairman and founder, Darin Feinstein, described both Austin and the State of Texas as a perfect fit for basing his company given the friendliness to business and highly skilled workforce. In addition to hiring locally, he noted that Blockcap has brought on board a number of high-profile experts in the digital asset industry, including Saifedean Ammous as a strategic advisor. He is one of the foremost thinkers in the blockchain industry and the author of the best-selling book, The Bitcoin Standard.
“Austin is our home base from which we will pursue our mission and bring this great city closer to the center of the United States’ blockchain technology ecosystem,” said Darin Feinstein. “We also see the city as an ideal location from which to continue expanding our operations as we grow at both national and international levels.”
Today, the United States ranks second in the world in total bitcoin mining hash power, sitting only behind China in the total computational hash power of machines that are used to mine bitcoin. Blockcap is playing a leading role in turning the United States into a global mining powerhouse. Currently, the company generates more than six bitcoin (BTC) per day using an existing fleet of roughly 10,000 miners mining at roughly .95 Exahash per second (EH/s).
When its recent additional acquisitions are operational, Blockcap’s current mining capacity is poised to more than double — with its total number of machines set to increase to 42,000. This will bring its hashing power to an estimated 3.5 EH/s. At that rate, Blockcap’s total fleet is expected to account for more than one percent of the entire Bitcoin network hashrate worldwide.
Blockcap, Inc. (the “Company” or “Blockcap”) headquartered in Austin, Texas, was founded by blockchain industry veterans that have been in the space for nearly a decade. The Blockcap mining division operates one of the world’s largest bitcoin mining operations, accounting for 0.7 percent of all the Bitcoin network transactions. In addition to mining operations, the company operates two other divisions – digital treasury assets and venture investments. Blockcap’s mining fleet currently utilizes Core Scientific’s best-in-class co-location mining facilities based in the United States.