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Blockware Mining is a mining company which has been developing a new ASIC chip for Bitcoin mining. The company opened a new mining operation in Kentucky and recently announced that it has raised $25 million in investment capital. The new chip is expected to bring the mining operation’s hash rate from 1.5 GH/s to 3 GH/s, which would triple the total hash rate.
Blockware Mining, Inc., the U.S.-based cryptocurrency mining company, announced that it has raised $25 million in a Series A financing round, led by Sierra Ventures with participation from Blockvest, a leading digital asset investment firm. The funding will be used to rapidly expand the company’s Kentucky-based mining operations and to reduce the cost of Bitcoin mining without compromising on the expected returns.. Read more about is mining ethereum profitable and let us know what you think.
On Thursday, Blockware announced it had raised $25 million in its second oversubscribed funding round.
They plan to use the funds to expand bitcoin mining operations in Kentucky and install an additional 8,000 bitcoin mining units at their Paducah campus, where the company recently purchased a 5-acre piece of land.
The company has already purchased the necessary drilling equipment and a further 6,000 drill rigs which it has made available for resale to other mining companies. The funds from the previous funding rounds enabled all 14,000 devices to be purchased.
Currently, only about 10% of the global hashish supply is generated in the United States. By offering low hosting fees, Blockware Mining will ensure a better spread of the Bitcoin network around the world and make the US hashrate more competitive on a global scale.
The fast-growing mining company plans to more than triple its global hash rate within a year. The current performance of the blockchain is about 0.3 exahash per second (EH/s). That’s one quintillion (1,000,000,000,000,000,000) hashes per second.
With profits from bitcoin mining and other mining-related activities, as well as funding from investors, Blockware hopes to reach a global hash capacity of more than 1 exahash by mid-2022.
The company indicated in a press release that this round, like the previous private placement, was oversubscribed. This means that investors were lining up to offer more than what the mining company was looking for at the moment, indicating investor confidence in Blockware’s performance.
The bitcoin mining company has raised a total of $7 million in previous funding rounds. This brought the total volume of private placements to $32 million.
Kentucky has some of the lowest industrial electricity rates in the United States. This is a good thing for a company operating in a sector whose results are notoriously sensitive to the rise and fall of energy prices.
Last month, Stolzner said in an interview with Kentucky Today:
Clearly, in bitcoin mining, energy consumption accounts for a large portion of operating costs. So we looked for a place that offered us cheap electricity rates and also a piece of land close to the substation.
Blockware said one of the keys to its success has been its proactive efforts to reach out to local governments in expanding its operations in the Commonwealth of Kentucky.
Earlier this week, we reported that miners of bitcoin and other cryptocurrencies are now fleeing China after Beijing imposed restrictions on mining activities. Blockchain research firm Crypto Head recently named the United States the most crypto currency-friendly country in the world.
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