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New crypto miner launches with Goldman alum at helm

Primeblock Blockchain started mining Bitcoin in September

A new cryptocurrency mining operation helmed by a couple of Goldman Sachs veterans has commenced operations as Bitcoin's hash rate has increased as of late. 

The San Francisco-headquartered Primeblock Blockchain is led by chief executive officer Gaurav Budhrani, who most recently worked at Goldman Sachs, where he held the title of vice president and was involved in the investment bank's ongoing cryptocurrency operations. 

Joining Budhrani is fellow Goldman Sachs veteran Alan Konevsky, who is Primeblock's chief legal officer. Konevsky, formerly a managing director at Goldman Sachs, most recently worked as an interim CEO and chief legal officer of tZERO Group. 

The North American mining operation enters an increasingly crowded field that is rife with competition. The company pegged the size of the North American mining industry at $20 billion and growing. It maintains mining facilities in North Carolina, Pennsylvania, Tennessee and Canada.

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Budhrani's resume includes deep investment banking experience in transactions involving cryptocurrencies, semiconductors, software and energy. He also worked on the direct listing for Coinbase. 

“I am incredibly excited to join PrimeBlock and partner with leaders in the bitcoin mining and crypto ecosystem," Budhrani said. :It is an exciting time for the bitcoin mining industry, as we’ve seen it increase over four times in size in 2021 to well over $20 billion annually. We have a very unique opportunity to drive continued growth and innovation at every layer of the stack, by building efficient modular data center containers, partnering with key suppliers for hardware and power infrastructure, developing adjacent software applications and laying the groundwork for captive renewable power generation on our sites.”