Bitcoin News · April 17, 2021 0

Blockcap Mined $33M in BTC in First Quarter, Q1 Bitcoin Revenue Outshines US Competitors

Blockcap Mined $33M in BTC in First Quarter, Q1 Bitcoin Revenue Outshines US Competitors

The Texas-based Blockcap Incorporated revealed the blockchain and mining firm has mined approximately 544 bitcoins during the first quarter of 2021. Blockcap says the $33 million worth of bitcoin stems from the firm’s fleet of 12,176 mining rigs.

Blockcap Rakes in 544 Bitcoins

During the last three months, bitcoin (BTC) markets have seen phenomenal gains and alongside the price rises bitcoin miners are pulling in profits. This week the Austin-based firm Blockcap revealed its Q1 earnings in terms of bitcoin (BTC) revenue. The company has acquired $33 million or 544 bitcoins during the first quarter. News recently reported on Blockcap moving its headquarters to Austin.

At the time, former governor of Texas, Rick Perry welcomed Blockcap for bringing tech innovation to Texas. The company acquired the 544 bitcoins this year by leveraging 12,176 mining rigs and Blockcap hopes to deploy more machines. Blockcap says by next year it hopes to get 43,000 bitcoin mining rigs fully deployed. Since the company started last year, it has mined a total of 1,600 BTC or $98 million using today’s exchange rates.

“Blockcap has an aggressive growth strategy that is designed to create more jobs in the blockchain industry not just in the United States but also in our home state of Texas and our hometown of Austin,” Darin Feinstein Blockcap’s founder said. “We’re proud to be competing in this industry with a number of other high-quality firms, and we believe there is ample room for all of us to expand together and in turn provide broader, sustained economic growth at the local, state, and national levels.”

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Committed to Making the US a Bitcoin-Mining Hub and Outperforming American-based Competitors

Feinstein explained that the firm is committed to making the U.S. a “blockchain and bitcoin-mining technology” hub. The Blockcap founder also claims it outperformed “several major North American-based companies” mining bitcoins.

“This includes Riot Blockchain, a publicly-traded company that mined 491 Bitcoin during the first quarter of the year, as well as 165 bitcoin mined in Q3 of last year by Hive Blockchain,” Feinstein detailed.

The Blockcap founder further noted that blockchain technology and cryptocurrency solutions not only create employment opportunities in the U.S. but this tech also helps the unbanked across every border.

“Currently there are roughly 60 million Americans who don’t have access to bank accounts and roughly 1.7 billion people globally who are also unbanked,” Feinstein remarked. “And we at Blockap strongly believe that the blockchain industry as a whole will provide these unbanked people with the critical technology necessary for accessing the financial system.”

What do you think about Blockcap’s first-quarter bitcoin revenue? Let us know what you think about this subject in the comments section below.