PrimeBlock Appoints Inaugural Management Team As U.S Hash Rate Soars

After starting its Bitcoin mining operations in September, the new U.S based crypto mining company PrimeBlock, has started hiring its first management team.

PrimeBlock Appoints Former Wall Street Execs

PrimeBlock announced on Thursday that it has appointed former Goldman Sachs VP, Gaurav Budhrani as the company’s CEO.

Budhrani spent more than a decade at Goldman, with his most recent position being to spearhead the crypto investment banking coverage, including the $98 billion direct listing that Goldman led for the Coinbase crypto exchange.

PrimeBlock has also employed the services of Alan Konevsky, whose most recent job was acting CEO and chief legal officer at tZERO, Overstock’s digital asset venture. He was also a former managing director at Goldman Sachs. Konevsky will be joining PrimeBlock as the new chief legal officer.

According to Budhrani, their appointments is coming barely a month after PrimeBlock began its crypto mining operations in Tennessee and North Carolina in September.

Budhrani admits that truly PrimeBlock is a new operation, but it’s already up and running, in fact almost above expectations. So far, PrimeBlock has deployed more than 70 megawatt of installed capacity and approximately 1 exahash per second (EH/s) for self mining and 0.5 EH/s for hosting.

The mining firm boasts of over 10,300 Bitmain Antminer S19 Pro model machines for Bitcoin mining, and no less than 2,600 PandaMiners for Ether (ETH) mining.

The new CEO also confirms that PrimeBlock has already deployed more than 9,000 miners and says the rest should be deployed within the next two weeks.

Hash Rate Soars

PrimeBlock’s appointment news is coming after the United States became the lead in cryptocurrency mining in mid-October, albeit largely due to a cross-country crypto crackdown in China.

Recall that we reported here at TheCoinrise that Bitcoin miners in the U.S. account for 35.4% of the total global BTC hash rate distribution.

Now, as U.S. companies have continued  accumulating new mining power, the Bitcoin hash rate has also continued to skyrocket, posting new historical highs in the process.

Like Mike Novogratz tweeted, and considering how many mining projects are being funded, hash may really be headed to the moon.