Blockware announced Thursday that it has raised $25 million in another round of fundraising to boost overwriting.

They plan to use the funds to expand their bitcoin mining operations in Kentucky, and will also install an additional 8,000 bitcoin mining rigs on the Paducah campus, where they recently acquired 5 acres of land.

The company has already purchased the necessary excavators and another 6000, which it has provided for resale to other miners. All 14,000 rigs were purchased with money from previous injuries.

Currently, only about 10% of hashrates globally are generated in the United States. By offering low hosting rates, Blockware Mining will improve the global reach of the Bitcoin network while making hash rates more competitive in the US. ”
This fast-growing miner plans to more than triple the global hash rate in one year. Blockware’s current capacity is about 0.3 expirations per second (EH/s). One quintillion (1,000,000,000,000,000,000) hashes occur every second.

With profits from Bitcoin and other mining, as well as investor funding, Blockware hopes to achieve a global hash capacity of more than 1 exahesh by mid-2022.

The company announces that the round, like the previous private placement, is oversubscribed. This means that investors queued up to deliver more than the miner was asking for at the time, a testament to investor confidence in the Blockware business.

In previous rounds, the bitcoin miner raised a total of $7 million. Thus, the total volume of direct investment is $32 million.

Kentucky has some of the lowest industrial electricity costs in the United States. This is good for companies in an industry whose profits are known to be sensitive to rising and falling energy prices.

Stolzner told Kentucky Today last month:

“Obviously, for bitcoin mining, energy consumption is a large percentage of the operating costs. So, we were looking for a place that would give us favorable electricity prices, as well as acquire land, which was in the immediate vicinity of the substation.”
Blockware claimed that the key to its success was attempts to infiltrate local governments when setting up companies in the Commonwealth of Kentucky.

Earlier this week, we reported that Bitcoin and other cryptocurrency miners are currently fleeing China after Beijing stopped mining. Research firm Blockchain Crypto Head recently ranked the United States as the most crypto-friendly country in the world.

Source: CoinTelegraph