Blockcap Secures $38M Funding to Accelerate Bitcoin Mining ASIC Expansion in North America

The competitive landscape for bitcoin mining continues to shift toward North America. Mining operator Blockcap just announced a significant $38 million funding round, reflecting the region’s growing appetite for computing power as firms race to capture hashrate share. This move comes as Bitcoin itself trades near $68,280 with a 3.54% 24-hour gain, signaling renewed momentum in the broader market.

Blockcap’s Equipment and Capacity Strategy

Blockcap, an Austin-based mining venture founded by Darin Feinstein, has emerged as a serious contender in the North American mining arena despite being only a year old. The company has already purchased 42,000 ASIC miners from manufacturers Bitmain and Canaan, with 12,000 units currently operational. The newly secured capital enables Blockcap to accelerate deployment, with plans to bring another 18,000 miners online by the end of the year, reaching a total output of 3.5 exahashes per second (EH/s). An additional 12,000 units are slated for deployment into 2022.

The funding was led by Off the Chain Capital and Foundry—the mining division of Digital Currency Group (DCG), which also owns CoinDesk—alongside several other investors in oversubscribed rounds. This brings Blockcap’s cumulative funding to $75 million within its first operational year.

Colocation and Infrastructure Backbone

Rather than building its own facilities from scratch, Blockcap partners with CoreScientific, one of North America’s largest bitcoin mining colocation providers. This strategic arrangement gives the company access to dispersed U.S. facilities powered by a diverse energy mix, including renewables and conventional sources. According to Feinstein, CoreScientific’s infrastructure portfolio provides up to 500 megawatts of power capacity, with approximately 46% of operations running on renewable energy.

This infrastructure foundation is critical in Blockcap’s competitive positioning as mining operations become increasingly capital-intensive and energy-sensitive.

The Broader North American Mining Shift

The influx of capital into North American mining operators like Blockcap reflects a fundamental rebalancing of global hashrate distribution. Historically dominated by Chinese mining pools—which account for roughly 65% of Bitcoin’s total hashrate—the Western Hemisphere is now capturing greater attention. The United States and Canada combined represent only about 8% of global hashrate, but this share is steadily growing as new entrants establish operations.

North American mining stocks and ventures have experienced strong valuations during the current bull cycle, with firms raising capital to purchase additional equipment and expand hosting capacity. Companies like Riot, Hut 8, Marathon, and Blockstream have all raised significant funding or taken on debt to build out large-scale mining farms. Some operators, including Great American Mining and Upstream Data, have carved out specialized niches by partnering with oil and gas producers to monetize flared and vented gases through bitcoin mining.

Renewable Energy as the Competitive Advantage

As mining operations scale across North America, energy sourcing has become central to long-term profitability. Feinstein and other industry leaders anticipate that renewable energy will increasingly underpin North American mining growth. According to his analysis, “The least expensive energy over the long term will be renewables. We’re seeing growth on the infrastructure side towards places that are abundant in these, and the large, enterprise-grade facilities are going to continue to move to these sites with stranded, excess renewable energy outside large population areas.”

This observation aligns with broader industry trends. Argo Blockchain and DMG have jointly launched a clean energy bitcoin mining pool, signaling that ESG considerations are becoming mainstream within the sector.

Market Context and Bitcoin Price Dynamics

While Blockcap’s funding round underscores confidence in North American mining fundamentals, broader market sentiment remains volatile. Bitcoin recently rebounded to levels above $69,000 following a technical short squeeze that also lifted altcoins including Ethereum, Solana, Dogecoin, and Cardano. However, analysts caution that this rebound may be driven more by positioning adjustments and thin liquidity than by fundamental catalysts. Key resistance levels remain clustered around $72,000 and $78,000, with sustained breaks needed to confirm a structural uptrend.

The mining industry’s capital intensity and long-term horizon mean that Blockcap and peers are focused on fundamentals—hashrate growth, energy efficiency, and operational scaling—rather than short-term price swings. As Blockcap expands its ASIC footprint, it positions itself within a broader transformation of bitcoin mining from a China-centric industry to a more globally distributed infrastructure.