Prime Blockchain (PrimeBlock), a new crypto-mining company in the US, is hiring its first management team since Bitcoin (BTC) mining began in September.
PrimeBlock told Cointelegraph Thursday that they have appointed Goldman Sachs veteran Gaurav Budhrani as the company’s CEO.
Boudrany has worked at Goldman for more than 10 years, and his most recent role involved securing crypto investment banking services, including a $98 billion direct listing for cryptocurrency exchange Coinbase led by Goldman. Badrani said on his LinkedIn profile that he has completed more than $300 billion in transactions across several crypto-related sectors, including “cryptocurrency, semiconductors, next-generation computing, and software.”
The company also appointed Alan Konevsky, the most recently CEO and legal director of digital assets at Overstock tZERO, and former CEO of Goldman Sachs. Konevsky has joined PrimeBlock as the new Director of Legal Affairs. Previously, he held senior management positions at companies such as Mastercard and Sullivan & Cromwell.
Bodrany said the appointments come about a month after PrimeBlock launched its first cryptocurrency mining operations in Tennessee and North Carolina in September. Most of PrimeBlock’s operations are based in the Tennessee Valley Authority, an area that includes parts of Alabama, Georgia, Kentucky, Mississippi, North Carolina and Virginia.
“Although PrimeBlock is a relatively new project, it is already operating and growing faster than its competitors. PrimeBlock has already distributed over 70 megawatts with installed capacity, about 1 eksahesh per second (EH/s) for self-recovery and 0.5 EH/s,” said Badrani.
The company has over 10,300 Bitmain Antminer S19 Pro models on the Bitcoin mining balance sheet, as well as 2,600 Ether (ETH) mining PandaMiner models. According to the CEO, PrimeBlock has already deployed more than 9,000 miners and plans to distribute the rest within the next two weeks.
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The news of PrimeBlock comes after the United States took the lead in cryptocurrency mining in mid-October after intense attacks from China. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin miners in the United States account for 35.4% of the total BTC hash rate distribution in the world.
As American companies accumulate more mining power, the Bitcoin hash rate continues to reach new records, removing the effects of the mining ban in China.