ePIC Blockchain Raises $7.5 Million for Cryptocurrency Mining Rigs

By James White Monday, April 19, 2021

With Bitcoin surging and other altcoins being mentioned by high-profile personalities such as Elon Musk, interest in cryptocurrency continues to grow. New miners seek to dive into the business of generating cryptocurrency as the digital assets are slowly adopted by the likes of financial services company Visa and digital payment processor Paypal. However, the business of mining Bitcoin and other cryptocurrencies requires significant computing power to solve the complex hashing puzzles that bestow Bitcoin rewards. Startup company ePIC Blockchain recently garnered $7.5 million from investors for its cryptocurrency mining hardware business.

Gold bitcoins surrounding a smartphone.

“2021 will be a stellar year for ePIC,” said Henry Quan, Chief Marketing Officer of ePIC Blockchain. “With a strong order book and a surging cryptocurrency market, ePIC is poised to become a major supplier of mining rigs worldwide. By the end of this year, ePIC will have a portfolio of 3 mining rigs, addressing a market potential exceeding $1 billion of mining rewards.”

According to a press release from the startup company, Fort Capital advised ePIC Blockchain on the structure of the offering. Prior to the latest fundraising round for the startup cryptocurrency hardware business, ePIC Blockchain raised $1 million in seed funding and $1.7 million from pre-seed investors. To date, ePIC Blockchain has found roughly $10.2 million in support from investors backing the cryptocurrency mining rig startup company.

Building Blockchain Infrastructure

The ePIC Blockchain team is spearheaded by industry experts in the semiconductor manufacturing business. Quan is the former Vice President of Corporate Development at Advanced Micro Devices (AMD). Earl Mai, CTO at ePIC Blockchain, previously worked as a Senior Member of Technical Staff at AMD, and Jim Seto, COO at the cryptocurrency startup company, brings five years of experience from working with semiconductor business Qualcomm.

The mining hardware startup company offers power-efficient blockchain semiconductors and application-specific integrated circuit (ASIC) mining rigs. Currently, the startup business sells an ASIC mining rig for Siacoin (worth about $0.03 per coin at the moment) called the SC200, which the company claims can produce hash rates four times the speed of other competing hardware. Two additional altcoin ASIC rigs are slated for release sometime this year.

“The overwhelmingly positive response from institutions and financial advisors reinforces the market interest in the infrastructure or “picks 'n shovels” role that ePIC provides within the cryptocurrency ecosystem,” said Jonathan Hess, Managing Director at Fort Capital. “Given the team’s strong track record building winning technology while at ATI and AMD, Fort Capital is watching to see ePIC become a leader in the digital asset infrastructure market.”

Driving Into the Blockchain Hardware Industry

Market research projects the cryptocurrency mining hardware market to grow by $2.8 billion from 2020 to 2024 at a CAGR of 7%. As interest in digital assets such as Bitcoin and altcoins like Ethereum continues to develop, blockchain infrastructure will need to keep up with demand from large-scale mining operations and businesses. EPIC Blockchain is already working with cryptocurrency mining companies such as London-based Argo Blockchain and Washington-based Core Scientific.

About the Author

Headshot for author James White

James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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