Dallas-based cryptocurrency mining organization – Blockmetrix – disclosed it had raised $43 million in a Series B investment round. Thus, the company’s total venture funding reached $50 million.
Blockmetrix Moving up
The new financing was announced by investors from Australia, the United States and other countries in Asia. Blockmetrix pledged to use the $43 million to expand its operations and to secure additional digital asset mining equipment.
BTCminer was established in 2021. It used its first $7million Series A funding to launch 1,000 cryptocurrency mining machines. The company claims that the new funds will enable it to supply more than 5,000 rigs in a near future.
One of the reasons for Blockmetrix’s considerable funding might be its location. Texas has been the US’s mining capital for the past few months as local regulators showed a positive attitude to the industry. The “Lone Star State” also has an affordable price of electricity, which is a key factor for this business.
Nevin Bannister – Co-Founder and CEO of the company – said this additional investment is a “significant milestone and testament” to the team’s efforts to build the entity to its current status.
“Scaling our company as quickly as possible has been our main prerogative since day one. As we enter the interim round and eventual third round funding, we will continue to build on this momentum and respond to industry demand. We thank all our investors for believing in our mission,” the exec concluded.
The Giants in Field
When it comes to bitcoin mining companies, you should mention some of the most prominent entities in the sector.
Marathon Digital Holdings is one of the largest. At the end of last year, it bought 78,000 Antminer S-19 XP Miners from the Chinese manufacturer – Bitmain. Nearly $900 million was spent to acquire the equipment.
Marathon Digital Holdings is also available on Nasdaq, under the ticker sign MARA. Current prices are around $21 per Share.
Riot Blockchain is another major in this space. It purchased Ferrie Franzmann Industries, an electrical equipment supplier (also known as ESS Metron), for $50 million several months ago. It is an open-traded company, similar to Marathon Digital Holdings. A RIOT shares cost approximately $15 at the time this article was written.
The Canadian-based Hive Blockchain joined with Intel to purchase new ASIC chips for bitcoin mining. The company also reached a deal to purchase original design manufacturers (ODM) which specializes in electronics manufacturing.