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Blockcap Adds Canaan Miner Hardware for Boosting Hashing Power


cryptoknowmics.com 06 March 2021 12:03, UTC
Reading time: ~2 m

North American bitcoin mining company Blockcap Inc. has announced the purchase of an additional 8,400 AvalonMiner mining machines 1246s from miner manufacturing company Canaan. The total number of Blockcap-operated miners to be deployed by Q4 of this year will bring over to 30,000.

Blockcap’s Canaan Mining Hardware to Bring Over 2 EH/s Hashing Power

Blockcap will deploy the new miners this year valued in today’s secondary market valuation at over $150 million. The purchase of the new Canaan miners will nearly triple Blockcap’s total hashing power compared to from six months ago.

In a statement, Clark Swanson, Blockcap’s CEO and Vice Chairman said on the deal with Canaan:

“This acquisition builds on the hard work our team has done to elevate Blockcap as a leader in mining digital assets. 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.”

Blockcap’s current operational miners with 10,000 fully operational miners are mining at roughly .95 Exahash per second (EH/s). Thus, the company can approximately mine about six bitcoin (BTC) per day.

With the new installation of the mining hardware, the hashing power of the company will increase to more than 2 EH/s. This will represent over one percent of the total Bitcoin network hashrate globally.

Canaan Up By Over 1,100% in the Past Six Months

Blockcap was founded in 2020 by two former executives of U.S. mining farm operator and blockchain-hosting company, Core Scientific.

Last month, the bitcoin mining maker announced the purchase of 10,000 additional AntMiner S19 made by Bitmain to double its proprietary computing power.

Meanwhile, Nasdaq-listed cryptocurrency mining machine maker Canaan Creative has surged over 1,100% in the past six months alone, placing it among some of the top performers. The company has gained nearly 250% month-to-date outpacing the rise of cryptocurrency mining machines.

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