Bitcoin News and Finance
Blockware Mining Raises $25M — Firm Looks to Make ‘Hashrate in the US More Globally Competitive’ Skip to main content

Blockware Mining Raises $25M — Firm Looks to Make ‘Hashrate in the US More Globally Competitive’

Blockware Mining Raises $25M — Firm Looks to Make 'Hashrate in the US More Globally Competitive'

On Wednesday, the North American bitcoin mining operation Blockware Mining announced the firm closed a $25 million investment round. According to the company, Blockware Mining aims to leverage the financing to expand operations “beyond its currently installed North American footprint.”

Blockware Raises $25 Million, Purchases 14,000 ASIC Miners

Blockware Mining, a bitcoin mining infrastructure and colocation service operation revealed the company has raised $25 million on June 30. The U.S.-based firm claims to “generate bitcoin below market prices” by utilizing three different revenue streams.

Blockware specializes in mining bitcoin, the resale of mining rigs, and hosting services. The company says the latest financing will help the business expand and after the $25 million capital raise, Blockware has obtained more than $32 million from investors total.

The company’s announcement notes that since 2019 it has been focused on acquiring mining rigs and constructing Blockware’s Paducah, Kentucky-based mining facility. The recent funding has allowed the company to purchase 14,000 mining devices for Q2 2021 and 8,000 will be leveraged by Blockware’s Kentucky operation. The rest of the mining units will be sold to other bitcoin miners operating in the United States.

“We successfully negotiated the acquisition of a robust supply chain of mining rigs, a complex process made even more challenging by the pandemic,” Michael Stoltzner, the president and CEO of Blockware Mining said in a statement sent to Bitcoin.com News. Stoltzner also touched upon the fact that bitcoin mining rigs are scarce these days and resources have been dedicated to making deals.

“The scarcity of rigs creates a significant barrier to entry for companies looking to enter this business and we have allocated significant resources to making more deals and funding our rapid growth,” Stoltzner added.

According to Blockware, the business is focused on Paducah’s 30-megawatt facility as it has the capacity to expand to 100 megawatts. Since establishing in Kentucky, Blockware has built relationships with the City of Paducah, Greater Paducah Economic Development, Big Rivers Electric, Jackson Purchase Energy, Paducah Power, the Paducah McCracken County Industrial Development Authority, and a number of other community partners.

“Currently, only an estimated 10% of the hashrate worldwide is generated in the U.S.,” Stoltzner’s fundraising announcement concluded. “By providing low hosting rates, Blockware Mining will create better worldwide distribution of the Bitcoin network while making the hashrate in the U.S. more globally competitive.”

Blockware is not the only bitcoin mining firm raising funds. Last week, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner announced it raised $105 million in two private equity securities funding rounds.

What do you think about Blockware Mining raising $25 million? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory