Bitcoin mining company Blockware Mining has raised $25 million to grow its U.S. operations in a second funding round. The firm has now raised $32 million in total.
Launched in 2019, Blockware Mining set up its main base of operations in Paducah, Kentucky. The company is building a 30-megawatt facility in the area, which it hopes will expand to 100 megawatts in the future.
The company currently possesses 300 PH/s of mining power but expects to use the new funding to acquire more hardware and reach 1 EH/s by mid-2022. To put this in perspective, that would equate to about 1% of bitcoin’s current global hash rate.
“The scarcity of rigs creates a significant barrier to entry for companies looking to enter this business and we have allocated significant resources to making more deals and funding our rapid growth,” Blockware Mining CEO Michael Stoltzner said in a press statement.
The great hash rate migration
The firm appears to be taking full advantage of the current global bitco
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