Former Wall Street Executives Run New Bitcoin Mining Company As U.S. Hash Rate Soars

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Prime Blockchain (PrimeBlock), a new cryptocurrency mining company in the United States, is recruiting its first management team after it started mining Bitcoin (BTC) in September.

PrimeBlock told Cointelegraph on Thursday that he had appointed Goldman Sachs veteran Gaurav Budhrani as the company’s CEO.

Budhrani spent more than 10 years at Goldman, his most recent position including crypto investment banking coverage, including the $ 98 billion direct listing for the Coinbase crypto exchange that Goldman ran. Budhrani said on his LinkedIn profile that he has completed more than $ 300 billion in transactions across many crypto-related verticals, including cryptocurrencies, semiconductors, next-gen computing technologies, and software. .

The company has also hired Alan Konevsky, most recently Interim CEO and General Counsel of Overstocks Digital Asset Venture tZERO and former Managing Director of Goldman Sachs. Konevsky joins PrimeBlock as new General Counsel. He previously held executive positions at companies such as Mastercard and Sullivan & Cromwell.

The appointments come about a month after PrimeBlock rolled out its first crypto mining operations in Tennessee and North Carolina in September, Budhrani said. The majority of PrimeBlocks’ operations are based in the Tennessee Valley Authority, a territory that includes parts of Alabama, Georgia, Kentucky, Mississippi, North Carolina, and Virginia.

Although PrimeBlock is a relatively new operation, it is already operational, with growth exceeding that of its competitors. PrimeBlock has already deployed over 70 megawatts of installed capacity and approximately 1 exahash per second (EH / s) for self-extraction and 0.5 EH / s for hosting, ”noted Budhrani.

The company has over 10,300 Bitmain Antminer S19 Pro models on the balance sheet for Bitcoin mining, as well as 2,600 PandaMiners for Ether mining (ETH). PrimeBlock has already deployed more than 9,000 miners and plans to deploy the rest within the next two weeks, the CEO said.

Related: Genesis Digital Assets Announces New Datacenter In Texas

The PrimeBlocks news came after the United States took the lead in cryptocurrency mining in mid-October following China’s sweeping crackdown on cryptocurrencies. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin miners in the United States account for 35.4% of the total global distribution of the BTC hash rate.

As US companies accumulate more and more new mining powers, the Bitcoin hash rate has continued to post new all-time highs, removing all traces of China’s mining ban.

Considering the number of mining projects funded, the hash is heading for the moon. https://t.co/xjDVdF60lR

Mike Novogratz (@novogratz) November 4, 2021

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