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One of U.S. Largest Crypto Mining Firm Relocates to Texas

crypto mining Texas

The state of Texas has been seeing a steady stream of high profile technology companies relocating to the state. Most recently, Elon Musk has announced that he has moved to Texas and his electric car company, Tesla, has also commenced the building of Tesla’s giga factory in Texas as well.

Now, BlockCap has 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.

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.”

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.

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.

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