Blockcap Mines 544 Bitcoin in Q1 2021

Texas-based blockchain technology company is poised for more growth as it brings online thousands of additional mining machines

April 16, 2021 3:30 PM EDT

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AUSTIN, Texas, April 16, 2021 /PRNewswire/ -- Blockcap Inc. ("Blockcap"), one of the largest bitcoin mining and blockchain technology companies based in the United States, announced today that it mined a total of 544 bitcoin during the first quarter of this year. Coming on the heels of several large-scale acquisitions of mining machinery by Blockcap, the revelation highlights not only the rapid growth experienced by the company but also how its increasing capacity has surpassed that of competitors in North America.

Since its founding last year, Blockcap has mined more than 1,600 bitcoin. With a fleet that now numbers approximately 12,176 fully deployed and operational machines, the company currently mines more than six bitcoin per day. Moreover, the company expects to have 43,000 total mining machines fully deployed and operating next year.

Blockcap's executive chairman and founder, Darin Feinstein, cited the continued growth as a testament to the company's commitment to turning the United States into a major global hub for blockchain and bitcoin-mining technology. During the first three months of 2021, he noted that his Austin-headquartered company mined more bitcoin than several major North American-based companies. This includes Riot Blockchain, a publicly traded company that mined 491 Bitcoin during the first quarter of the year, as well as 165 bitcoin mined in Q3 of last year by Hive Blockchain.

"Blockcap has an aggressive growth strategy that is designed to create more jobs in the blockchain industry not just in the United States but also in our home state of Texas and our hometown of Austin," Feinstein said. "We're proud to be competing in this industry with a number of other high-quality firms, and we believe there is ample room for all of us to expand together and in turn provide broader, sustained economic growth at the local, state and national levels."

In addition to expanding mining capacity, Blockcap is announcing that it has brought onto its advisory board Jarvis Hollingsworth, a prominent attorney who currently serves as Chairman of the Board of Trustees of the Teacher Retirement System of Texas, a $150 billion-plus pension trust fund based in Austin. A graduate of the United States Military Academy at West Point and a former U.S. Army captain, Hollingsworth brings unparalleled legal expertise to the company. Moreover, he joins several other notable hires and additions to Blockcap's team, including Saifedean Ammous, a luminary in the blockchain industry and author of the groundbreaking book, The Bitcoin Standard.

In addition to utilizing blockchain technology for creating jobs in the United States, Feinstein expressed excitement about the industry's positive potential impact not only for everyday Americans but also people all around the world. "Currently there are roughly 60 million Americans who don't have access to bank accounts and roughly 1.7 billion people globally who are also unbanked. And we at Blockcap strongly believe that the blockchain industry as a whole will provide these unbanked people with the critical technology necessary for accessing the financial system."

About Blockcap 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.

For more information, visit https://www.blockcap.com/ or contact (833) 901-BLOC toll-free.

Follow Blockcap on LinkedIn.

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SOURCE Blockcap



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