Earlier this year, Bitcoin began to surge once more after the digital asset experienced a decrease of up to 80% of its value since 2017. The surge has been brought on by the increased interest of large investment firms that have pumped liquidity of almost $30 billion into the market over the last three months. At the same time that the value of Bitcoin was increasing, so was the demand for digital asset miners. As a result of this, a group of mining veterans from major mining firms in the US announced that they would be forming a new entity called Blockcap Inc. which is poised to become the largest independent crypto mining operation in North America.Â
About BlockCap
As the mining industry shifted to become more industrial, there has been a dramatic increase in the number of digital firms that have established mining operations. However, the vast majority of these companies do not compare to the combined expertise of the founding team of Blockcap. The newly established independent mining operation combines assets from five existing Bitcoin mining companies and takes advantage of economic changes in the purchase of equipment and managing energy risks to provide investors with higher returns. Blockcap currently operates one of the largest hashing power collections in North American which includes highly-valued and renowned public companies. The mining operation group employs a fleet of almost 13,000 next-generation S19 Bitmain rigs in conjunction with more than 400 upgraded S17s, with 8,442 of these machines currently being deployed and a further 1,426 rigs that are not currently being used. The hashing power of the operation is around 800 Petahashes and is expected to reach close to 1 Exahash once all rigs are deployed. Taking the entire network of Bitcoin mining operations into account, Blockcaprepresents about 0,75% of the total hashing power of 132 Exahashes that is produced by the entire mining network at present.Â
Blockcap’s Superior YieldÂ
Earlier this year, Blockcap announced that it had yielded an impressive total of 425 Bitcoin in Q3. Publically traded companies, such as Riot Blockchain, mined a percentage of this total over the same period and reported a total of 222 Bitcoin for Q3, which was traded on platforms such as immediate bitcoin platform. Blockcap’s recent gross revenue also exceeded what was reported by competitions, including Hive Blockchain, Hut 8 Mining, and the Marathon Patent Group. During this period, Blockcap operated on a positive cash flow basis and is projecting further BTC revenue growth, in line with the industry surge taking place, for Q4. Peter Novak, the President of Blockcap, stated that the company is comprised of the best assets. From the team to the ASICs technology and excellent partners, the company is proud of the success that it has achieved. He went on to say that the company also has the resources and relevant connections required to continue it’s scaling of Blockcap’s operations in the most financially efficient way that will take advantage of the growing digital currency market.Â
Future ProspectsÂ
As per industry analyst expert projections, the surge that bitcoin is currently experiencing is more stable than the individual events that took place in 2017, where investors surged the price of Bitcoin up out of curiosity. This time around, the digital asset market is expected to continue expanding and thriving over the next few years. Blockcap has been identified as a forerunner of the bitcoin mining industry in North America, with the company expecting the success of the operation to continue for some time. It has also tapped into the market early as many technology companies that provide equipment to mining companies are experiencing a shortage that is likely to only improve in 2021.Â
