Dallas-based cryptocurrency mining organization Blockmetrix revealed that it had raised $43 million in a Series B investment round. Thus, the company’s total venture funding reached $50 million.
Blockmetrix stepping up
According to the announcement, the new financing included investors from the United States, Australia and several Asian nations. Blockmetrix has pledged to use the $43 million to expand its operations by securing additional digital asset mining rigs.
Founded in 2021, the BTC miner used its first $7 million Series A funding to roll out 1,000 cryptocurrency mining rigs. According to the company, the newly raised funds will allow it to provide more than 5,000 platforms in the near future.
One of the reasons for Blockmetrix’s considerable funding could be its location. In recent months, Texas has become the mining capital of the US, as local regulators take a positive stance toward the industry. The “Lone Star State” also has an affordable price of electricity, which is a key factor for this business.
Nevin Bannister, the company’s co-founder and CEO, said this additional investment is a “significant milestone and testament” to the team’s efforts to build the entity to its current state.
“Expanding our company as quickly as possible has been our main prerogative since day one. We are striving to maintain this momentum and meet industry demand as we enter our mid-round and eventually third round of funding. We thank all our investors for believing in our mission”, concluded the executive.
The giants in the field
Speaking of bitcoin mining companies, it is worth mentioning some of the leading entities in the industry.
One of the largest such firms is Marathon Digital Holdings. Late last year, it purchased 78,000 Antminer S-19 XP Miners from Chinese manufacturer Bitmain. To acquire the team, the organization spent nearly $900 million.
Marathon Digital Holdings is also listed on Nasdaq under the ticker symbol MARA with current prices around $21 per share.
Riot Blockchain is another giant in the space. Several months ago, he bought electrical equipment supplier Ferrie Franzmann Industries (known as ESS Metron) for $50 million. Like Marathon Digital Holdings, it is a publicly traded company. A share of RIOT costs approximately $15 (as of this writing).
Subsequently, Canada-based Hive Blockchain partnered with Intel to purchase new ASIC chips for its bitcoin mining efforts. The company also entered into an agreement with an ODM (original design manufacturer) that focuses on manufacturing electronics.
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