North America-based Blockcap announced this weekend that it will open new offices in Austin, Texas.

In a statement to Blockcap on Friday, the miner said that upon launching its new facility in the capital of Lone Star State, it will have a hash rate of around 3.5 exahs per second from 42,000 platforms and will double its capacity. According to blockchain data, this represents over 2% of the hash rate for the entire Bitcoin (BTC) network, roughly 167 million terhash per second at the time of publication. However, Blockcap claims that the entire fleet will account for only 1% of the network’s segmentation strength.

“Austin is our main base where we want to fulfill our mission and bring this great city closer to the center of the blockchain technology ecosystem in the United States,” said Darren Feinstein, CEO and founder of Blockcap. “We also consider the city an ideal place to continue expanding our business as we grow our business, both nationally and internationally.”

In announcing the move, Blockcap cited electric vehicle maker Tesla, which is building one of its mega plants in Austin. Tesla CEO and billionaire Elon Musk recently bought a home in the Texas capital for more than $ 3 million on Lake Austin west of downtown, while the company is opening Gigafactory on the east side near Austin-Bergstrom International Airport.

The mining company did not immediately respond to questions about where they plan to open their offices in the Austin area or how many jobs will be created as a result, although Feinstein said he would “be hiring locally.” Musk said in a tweet last month that the new location in Giga Texas would create more than 10,000 jobs and would actually increase the number of employees at the electric vehicle company by more than 14%.

Although some tech companies, such as Oracle and Hewlett Packard, are moving to Austin – which is why many call the city “Silicon Hills,” referring to Silicon Valley, the capital has in many ways become a microcosm of the US housing market. Many employees of these companies can see home buyers for cash, making it inaccessible to those who only have the financial means to save 20% of the down payment. Musk highlighted the housing shortage in Austin in a tweet on April 4, apparently in reference to Tesla employees who have moved there.

However, adding Blockcap and other blockchain companies to the Lone Star State has the support of former Texas Governor Rick Perry, a Republican politician who once forgot the name of the Department of Energy as a federal agency that would have abolished it if elected president. … Perry argued that Texas “has become a pioneer in an emerging industry like blockchain,” and Blockcap is likely to lead to job creation and economic growth in the state.

Blockcap was founded in 2020 by a group of blockchain veterans and now controls around 12,000 mining platforms that generate more than 7 BTC per day or $ 416,550 at press time. The company raised more than $ 75 million in two rounds of financing led by Off The Chain Capital and Foundry Digital. The company recently bought more than $ 500 million in Bitcoin mining machines, according to Blockcap.

Source: CoinTelegraph