As the price of Bitcoin has soared in recent years, so have miners. In fact, thanks to a surge in cryptocurrency mining activity from China and other countries with cheaper energy costs, it’s been said that US power rates could soon rival those found in some developing nations.
The “crypto mining loans” is a new company that has been founded by ex-Wall Street execs. The company is looking to make the process of cryptocurrency mining more accessible for people.
After commencing to mine Bitcoin (BTC) in September, Prime Blockchain (PrimeBlock), a new cryptocurrency mining firm based in the United States, is recruiting its first management team.
On Thursday, PrimeBlock announced the appointment of Goldman Sachs veteran Gaurav Budhrani as the company’s CEO.
Budhrani worked at Goldman for nearly ten years, his last job focusing on crypto investment banking, including the $98 billion direct listing of the Coinbase bitcoin exchange, which Goldman led. Budhrani claims to have executed over $300 billion in transactions across a variety of crypto-related sectors, including “cryptocurrencies, semiconductors, next-gen computing technologies, and software,” according to his LinkedIn page.
Alan Konevsky, a former managing director at Goldman Sachs and most recently temporary CEO and chief legal officer of Overstock’s digital asset venture tZERO, has also joined the business. PrimeBlock has hired Konevsky as its new chief legal officer. He formerly worked at Mastercard and Sullivan & Cromwell in senior positions.
According to Budhrani, the hires come around a month after PrimeBlock launched its first crypto mining operations in Tennessee and North Carolina. The Tennessee Valley Authority, which covers sections of Alabama, Georgia, Kentucky, Mississippi, North Carolina, and Virginia, is home to the bulk of PrimeBlock’s activities.
“Despite the fact that PrimeBlock is a young company, it is already up and operating, with growth exceeding its competitors. “PrimeBlock has already deployed over 70 megawatts of installed capacity, with around 1 exahash per second (EH/s) for self-mining and 0.5 EH/s for hosting,” Budhrani said.
On the balance sheet, the firm owns about 10,300 Bitmain Antminer S19 Pro models for Bitcoin mining and 2,600 PandaMiners for Ethereum (ETH) mining. PrimeBlock has already deployed over 9,000 miners, with the remaining miners expected to be deployed over the next two weeks, according to the CEO.
Genesis Digital Assets has announced the opening of a new data center in Texas.
Following China’s massive cryptocurrency crackdowns, the United States seized the lead in cryptocurrency mining in mid-October, according to PrimeBlock. Bitcoin miners in the United States account for 35.4 percent of the overall worldwide BTC hash rate distribution, according to the Cambridge Bitcoin Electricity Consumption Index.
As fresh mining capacity has been acquired by U.S. corporations, the Bitcoin hash rate has continued to rise to new record highs, erasing any traces of China’s mining prohibition.
Hash is on its way to the moon, given how many mining initiatives are being sponsored. https://t.co/xjDVdF60lR
November 4, 2021 — Mike Novogratz (@novogratz)
Terawulf reverse merger is a new company that has been formed by ex-Wall Street execs. The company, which focuses on Bitcoin mining, is the first of its kind to be led by Wall Street executives. Reference: terawulf reverse merger.
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