Mining

Block Mining Inc builds, deploys, and operates data center infrastructure across the United States supporting the Bitcoin network

 

Summary of Mining Operations

Block Mining Inc owns and operates a fleet of 8,750+ Bitcoin mining ASICs across three (3) data centers in the United States – two (2) colocation sites and one (1) owned and operated facility

Energization

Our flagship facility in Paducah, KY was energized in February 2022 and has initial capacity for 40MW of power. The long-term development of this site will allow our power purchase agreement (PPA) to scale to 100MW in 2023

Site Selection

We worked closely with the team at Greater Paducah Economic Development (GPED) during the site selection process to ensure community involvement and input. Paducah offers an ideal location for a data center due to its proximity and intersection of the Ohio and Tennessee Rivers. This allows us to source energy from an abundance of hydropower resources and nuclear power. Furthermore, the ability for us to work with energy providers on collaborative infrastructure initiatives to continue the transformation towards more renewable resource generation

 

How Miners Assist in Securing the Bitcoin Network

  • Step 1 - Transaction Submission

    Users submit transactions to the Bitcoin network for confirmation, which are batched together to form a block

  • Step 2 - Proof of Work

    Miners compete to solve a puzzle through a process known as Proof of Work, where the probability of solving the puzzle is determined by a miner’s computational power, referred to as hash rate

  • Step 3 - Block Creation

    The miner who completes the process first is rewarded with the creation of the block, and the transactions are broadcasted to the independent network of nodes for validation

  • Step 4 - Transaction Validation

    If consensus between nodes is reached regarding the validity of transactions, the new block is added to the blockchain, forming an immutable ledger of financial data

  • Step 5 - Block Reward

    The winning miner is rewarded via transaction fees and newly minted Bitcoin through the protocol’s programmed supply issuance (currently 6.25 BTC)