A key-value store (KVS), such as memcached and Redis, is widely used as a caching layer to augment the slower persistent backend storage in data centers. DRAM-based KVS provides fast key-value access, but its scalability is limited by the cost, power and space needed by the machine cluster to support a large amount of DRAM. This paper offers a 10X to 100X cheaper solution based on flash storage and hardware accelerators. In BlueCache key-value pairs are stored in flash storage and all KVS operations, including the flash controller are directly implemented in hardware. Furthermore, BlueCache includes a fast interconnect between flash controllers to provide a scalable solution. We show that BlueCache has 4.18X higher throughput and consumes 25X less power than a flash-backed KVS software implementation on x86 servers. We further show that BlueCache can outperform DRAM-based KVS when the latter has more than 7.4% misses for a read-intensive aplication. BlueCache is an attractive solution for both rack-level appliances and data-center-scale key-value cache.