Foundry Digital backs Blockcap with $75 million funding

American mining company Blockcap raised $75 million following two rounds of financing from Foundry Digital and Off The Chain Capital. Cointelegraph reports.

The funds will be used to expand its Bitcoin mining fleet from 12,000 to 30,000 devices. Blockcap estimates that by year-end its hash rate will reach 3.5 EH/s.

Blockcap was founded in 2020 by former employees of the American blockchain-hosting provider Core Scientific. The company houses all of its mining rigs in Core Scientific’s data centers.

In March 2021 Blockcap agreed to procure 8,400 devices from Canaan. The company expected that after their deployment in the fourth quarter the hash rate would exceed 2 EH/s (more than 1% of the Bitcoin network).

Earlier, the American company purchased 10,000 Antminer S19 miners from Bitmain.

Blockcap became a client of the Foundry Digital mining pool, a subsidiary of Barry Silbert’s Digital Currency Group.

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