Bitcoin mining firm Cormint announced Tuesday that it had raised $30 million in Series A funding. The funding comes when the Bitcoin mining business is picking up once again.
Cormint Raises $30M Co-Led by Silicon Laboratories
The funding round was co-led by Cormint’s president, Jamie McAvity, and Nav Sooch, the chairman of the semiconductor firm, Silicon Laboratories. Silicon Labs’ former CTO, Alessandro Piovaccari, along with existing investors also partook in the funding initiative.
In late 2022, Cormint raised 400 BTC (worth $10.8 million) through promissory notes from investors. The freshly raised capital will be added to the accumulated BTCs to build its mining centre in Fort Stockton, Texas. By the end of 2024, Cormint expects to reach the goal of running a mining unit with a computing power of 2.4 exahash/second (EH/s).
Emphasizing that Texas is the perfect location to run a mining node in the U.S., Cormint’s president, Jamie McAvity, said:
“In my view, Texas is the best place to be a Bitcoin miner, having set the playing field with transparent and fair regulation for the fast-growing Bitcoin mining industry that is proven to be supportive of grid stability and the renewable energy transition.”
Bitcoin Mining Business Continues Growing
Cormint’s latest acquired fund follows a recent comeback in the Bitcoin mining business. In 2022, several factors like Bitcoin’s price depreciation and increase in electricity tariff led to rocky business management for several Bitcoin mining firms.
Several of these firms opted to sell mined BTC to keep their financial activities stable. For some, this did little to bolster their liquidity state. Companies like Core Scientific eventually filed for bankruptcy protection.
However, with Bitcoin’s price rebounding to a price mark of $30,000, these firms are beginning to record substantial gains. Marathon Digital Holdings, for example, recorded $330 million worth of BTC in its balance sheet over a year-over-year timeframe. Data also shows that the stocks of these Bitcoin mining firms are also picking up.
