The bitcoin mining company is following in Tesla’s footsteps and is settling in Austin, Texas

North America-based cryptocurrency mining company, Block cap, announced over the weekend that it will open new offices in Austin, Texas.

In a Friday ad The mining company said that after operating its new facilities in the Lone Star State capital, hashing performance will be around 3.5 exahash per second for a total of 42,000 oil rigs. allegedly doubled its capabilities. According to the blockchain data This would represent a hash rate of more than 2% of the entire Bitcoin (BTC) network.TO At the time of writing, approximately 167 million terahashes per second. However, Blockcap claims that its entire fleet will only account for 1% of the network’s hashing power.

“Austin is our base from where we will pursue our mission and bring this great city closer to the center of the US blockchain ecosystem,” said the president and founder of Blockcap, In it Feinstein. “We also see the city as an ideal location to further expand our activities while we grow nationally and internationally.”

The bitcoin mining company is following in Tesla’s footsteps and is settling in Austin, Texas
The bitcoin mining company is following in Tesla’s footsteps and is settling in Austin, Texas

Blockcap quoted the electric car maker Tesla Established one of his gigafactories in Austin when he announced the move. The Tesla CEO and billionaire,Elon Musk recently bought a home in the state capital of Texas for more than $ 3 million on Lake Austin, west of downtown. As the company begins construction of the gigafactory on the east side, closer to Austin-Bergstrom International Airport.

However, the mining company didn’t immediately respond to questions about where it plans to set up its offices in the Austin area or how many jobs it would create Feinstein said he would “hire locally”. musk He said in a tweet last month that the new Texas facility would create more than 10,000 jobs and increase the electric car maker’s workforce by more than 14%.

Although some tech companies like oracle Y. Hewlett Packard move to Austin, which has led many to call the city “Silicon Hills”, In terms of Silicon Valley, the state capital has become a microcosm of the US real estate market in many ways. Many employees of these companies may find buyers buying homes for cash, making them unaffordable for those who only have the financial resources to save for a 20% down payment. musk highlighted Austin’s housing shortage in an April 4 tweet apparently referring to Tesla employees who moved there.

However, the incorporation of Blockcap and other blockchain companies into the Lone Star State is supported by the former Texas governor. Rick Perry, the Republican politician who once forgot the name of the Department of Energy as a federal agency that he would eliminate if elected president. Perry explained that Texas has “become the leading place for future-oriented industries such as blockchain” and that blockcap would likely lead to job creation and economic growth in the state.

Founded in 2020 by a group of veterans of the blockchain space, Blockcap now controls approximately 12,000 rigs generating more than 7 BTC per day, or $ 416,550 at the time of this writing. The Company raised more than $ 75 million in two financing rounds led by Off The Chain Capital Y. Foundry digital. According to Blockcap, the company is It recently acquired over $ 500 million worth of bitcoin miners.

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