Blockware announced on Thursday that they raised $25 million in the second round of oversubscription fundraising.
They plan to use the funds to expand their bitcoin mining operations in Kentucky, and will also install more than 8,000 bitcoin mining equipment on the Paducah campus where they recently purchased 5 acres of land.
The company has purchased the necessary drilling rigs and another 6,000 drilling rigs for resale to other miners. Funds from the previous seed round were used to purchase all 14,000 drilling rigs.
“Currently, only about 10% of the world’s hash rate is generated in the United States. By providing a low escrow rate, Blockware Mining will create a better global distribution of the Bitcoin network and at the same time make the U.S. hash rate more globally competitive. “
The fast-growing mining company plans to increase its overall global hash rate by more than three times within a year. The current capacity of Blockware runs at 0.3 exahash (EH/s) per second. This is one and five billion (1,000,000,000,000,000,000) hashes per second.
With the profits from Bitcoin mining and other mining-related business operations and investor funds, Blockware hopes to reach a global hash capacity of more than 1 exahash by the middle of 2022.
The company pointed out in a press release that, like previous private placements, this round of financing was oversubscribed. This means that investors have lined up to provide more offers than mining companies are seeking at this time, which shows that investors are confident in Blockware’s operations.
In the previous rounds, the Bitcoin mining company has raised a total of $7 million in funding. This brings the total private equity placement to $32 million.
Kentucky enjoy Some of the lowest industrial energy costs in the United States. This is a good thing for companies in an industry whose bottom line is very sensitive to the rise and fall of energy prices.
Last month, Stolzner tell Kentucky Today:
“Obviously, for Bitcoin mining, your electricity consumption accounts for a large part of operating costs. Therefore, we are looking for a location that can provide us with preferential electricity prices, and most importantly, get land close to substations.”
Blockware claims that one of the keys to their success is that it tries to get in touch with local authorities when doing business in Kentucky.
Earlier this week, we reported that Bitcoin and other cryptocurrency miners are currently fleeing China Beijing cracks down on mining The operation there.Blockchain research company Crypto Head will recently The U.S. is the most crypto-friendly country in the world.