Company’s Aggressive Growth Plans Include Building New Mining Facility, Continuing to Acquire and Deploy Mining Rigs and Increasing Hash Rates in North America
Chicago, Ill., June 30, 2021 (GLOBE NEWSWIRE) — Today, Blockware Mining, one of North America’s fastest-growing Bitcoin mining companies, announced it has raised over $25 million USD in a second oversubscribed funding round. The company plans to use the funding to increase the scope and scale of its mining operations in and beyond its currently installed North American footprint. Today’s announcement brings the company’s total capital raise to more than $32 million.
Blockware Mining is a diversified Bitcoin mining infrastructure and colocation service provider that caters to crypto miners. Following its launch in late 2019, Blockware Mining has been focused on the acquisition of mining rigs, building the company, and planning its flagship mining facility in Paducah, Kentucky.
Acquiring mining rigs is a fundamental feature of the mining industry, and Blockware Mining has been pursuing deals and taking equipment delivery since the company’s inception. Blockware’s funding rounds have facilitated the purchase of 14,000 mining rigs during Q2 2021. Of these, 8,000 will be used to scale the company’s mining operations in Kentucky, and 6,000 rigs sold to other operators elsewhere in the U.S. The company’s most recent acquisition of mining equipment will seek to add to its growing petahash total, which presently is 300 PH/s and is expected to reach greater than 1 EH/s in mid-2022.
“We successfully negotiated the acquisition of a robust supply chain of mining rigs, a complex process made even more challenging by the pandemic,” said Michael Stoltzner, President and CEO of Blockware Mining. “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.”
The Bitcoin network maintains its security through the mining process, which consists of an incentivized network of miners competing for monetary rewards based on hash rate. Hash rate refers to the measuring unit of processing power needed to solve complex mathematical puzzles and earn newly minted Bitcoin. The network’s monetary policy is immutable and continues to become increasingly scarce over time as more blocks are confirmed and added to the blockchain.
The company has also been working on the ground in Paducah to plan the construction of its new 30-megawatt facility, with a capacity to expand to 100 megawatts in the future. The development brings together the collaboration between various community partners, including the Greater Paducah Economic Development, Big Rivers Electric, Jackson Purchase Energy, Paducah Power, the Paducah McCracken County Industrial Development Authority, the City of Paducah, McCracken County, and the Kentucky Cabinet for Economic Development.
“Currently, only an estimated 10% of the hash rate worldwide is generated in the U.S.,” added Stoltzner. “By providing low hosting rates, Blockware Mining will create better worldwide distribution of the Bitcoin network while making the hash rate in the U.S. more globally competitive.”
About Blockware Mining, LLC
Blockware Mining is a diversified Bitcoin mining infrastructure and colocation service provider headquartered in Chicago, IL. Blockware Mining offers clients one of the most competitive hardware and hosting packages to get miners up and hashing using the latest generation mining equipment. For more information, visit www.blockwaremining.io.
CONTACT: Loretta Mock for Blockware Mining Rally Point PR 646-726-7886 [email protected]
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