As the U.S. hash rate soars, former Wall Street executives lead new Bitcoin mining companies

Prime Blockchain (PrimeBlock) is an emerging cryptocurrency mining company in the United States. After starting to mine Bitcoin, it is hiring its first management team (Bitcoin) In September.

PrimeBlock told Cointelegraph on Thursday that it appointed Gaurav Budhrani, a Goldman Sachs veteran, as the company’s chief executive officer.

Budhrani has worked at Goldman Sachs for more than 10 years. His latest position covers crypto investment banking. Including a $98 billion direct listing For the Coinbase cryptocurrency exchange led by Goldman Sachs. Budhrani stated in his LinkedIn profile that he has completed more than $300 billion in transactions in many encryption-related verticals, including “cryptocurrency, semiconductors, next-generation computing technology and software.”

The company also hired Alan Konevsky, who most recently served as the interim CEO and chief legal officer of Overstock’s digital asset company tZERO, and the former managing director of Goldman Sachs. Konevsky will join PrimeBlock as its new chief legal officer. He previously held senior positions at companies such as Mastercard and Sullivan & Cromwell.

Budhrani said these appointments were made one month after PrimeBlock launched its first cryptocurrency mining business in Tennessee and North Carolina in September. Most of PrimeBlock’s business is located in the Tennessee Valley Authority, which includes parts of Alabama, Georgia, Kentucky, Mississippi, North Carolina, and Virginia.

“Although PrimeBlock is a relatively new business, it has been up and running and has grown faster than its competitors. PrimeBlock has deployed more than 70 MW of installed capacity and approximately 1 exahash (EH/s) per second. Mining and hosting at 0.5 EH/s,” Budhrani pointed out.

The company has more than 10,300 models of Bitmain Antminer S19 Pro on the balance sheet for Bitcoin mining, and 2,600 models of PandaMiner for Ethereum (Ethereum) Mining. The CEO stated that PrimeBlock has deployed more than 9,000 miners and expects to deploy the remaining miners in the next two weeks.

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PrimeBlock’s news was released after the United States took the lead in cryptocurrency mining after China comprehensively cracked down on cryptocurrencies in mid-October.According to the Cambridge Bitcoin Power Consumption Index, Bitcoin miners in the United States account for Accounting for 35.4% of the total global BTC computing power distribute.

As American companies increasingly accumulate new mining capabilities, the Bitcoin hash rate has Continue to hit a record high, To eliminate any traces of China’s mining ban.