Last Thursday, Blockware announced that they raised over $25 million from an oversubscribed fundraise round. And they are planning to use this in the bitcoin mining operations in their Kentucky facility.
New Mining Rigs
This fund will also help them build 8,000 mining rigs in the Paducah campus, where they recently bought 5 acres. Blockware already established the required rigs, even 6000 rigs more than necessary. So they put these in resale for other mining operations to purchase. Their previous round fund helped them buy 14,000 rigs.
A Bigger Goal
Blockware is one of the fast-growing mining companies in the world. They are planning to increase their global hash rate three times bigger in a year. Their current rate is 0.3 exahashes per second which they want to increase to 1 quintillion hashes per second.
As for the hashes, only a 10% hash rate is produced in the US for the whole world. Blockware is targeting that and planning to increase it. If they provide low host rates, it will help Blockware for a better distribution of Bitcoin worldwide. And this will make the hash rate in the USA globally competitive.
Blockware plans to reach the world level hash capacity excessing to 1 exahash right in the middle of 2022. This huge goal depends on the profit from Bitcoin mining, other mining activities, and Investors’ funding.
Investor’s Stance
To the company’s confidence, investors are ready to invest more than what the company needs. This we can understand from the last two rounds, which were oversubscribed. Investors believe in Blockware’s Operations.
The company raised $7 million in funds in the previous round, adding on to the $25 million raised in the latter round. As a result, they now have $35 million in hand for the equity placements.
Secret Of Success
Blockware began its operations in Kentucky, and they claim to earn the trust of the local authorities has been their key to success. In addition, Kentucky’s industry energy rates are low, which is favorable for an industry with bottom lines.
Last week after Beijing’s mining operations cracked down, Crypto and Bitcoin miners fled from China. Now Crypto Head of a Blockchain research firm calls the United States the most Crypto-friendly country globally.
