CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$21,527.00
  • ethereum
    ETH$1,243.73
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Bitcoin Mining Company Blockmetrix Closed a $43 Million Funding Round

    Bitcoin Mining Company Blockmetrix Closed a $43 Million Funding Round

    Author: Dimitar Dzhondzhorov

    Last Updated Mar 8, 2022 @ 15:50

    Blockmetrix intends to use the $43 million investment to secure over 5,000 cryptocurrency mining rigs and expand its endeavors.

    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 Stepping up

    According to the announcement, the fresh financing included investors from the United States, Australia, and several nations in Asia. Blockmetrix vowed to employ 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 deploy 1,000 cryptocurrency mining rigs. According to the company, the newly raised funds will allow it to provide more than 5,000 rigs in the near future.

    One of the reasons for Blockmetrix’s considerable funding might be its location. Over the past several months, Texas has emerged as the mining capital of the US as local regulators show a positive stance towards 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.

    ADVERTISEMENT

    “Scaling our company as quickly as possible has been our main prerogative since day one. We are striving to keep up this momentum and meet industry demand as we enter our interim round and eventual third round of funding. We thank all our investors for believing in our mission,” the exec concluded.

    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. At the end of last year, it bought 78,000 Antminer S-19 XP Miners from the Chinese manufacturer – Bitmain. To acquire the equipment, the organization spent nearly $900 million.

    Marathon Digital Holdings is also listed on Nasdaq under the ticker symbol MARA with current prices at around $21 per share.

    Riot Blockchain is another giant in the space. Several months ago, it purchased the electrical equipment provider Ferrie Franzmann Industries (known as ESS Metron) for $50 million. Similar to Marathon Digital Holdings, it is a publicly-traded company. A RIOT share costs approximately $15 (at the moment of writing these lines).

    Subsequently, the Canadian-based Hive Blockchain partnered with Intel to buy new ASIC chips for its bitcoin mining endeavors. The company has also struck a deal with an ODM (original design manufacturer) that focuses on electronics manufacturing.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • Stronghold Digital Mining
      Stronghold Digital Mining Buys 9,090 Bitcoin Mining Rigs
    • Small Bitcoin Miner Beats the Odds and Gets 6.25 BTC Reward
    • Canada
      Canadian Bitcoin Miner Bitfarms Bought the Dip: Adds $43.2 Million Worth of BTC
    Tags: Bitcoin Mining United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Dimitar Dzhondzhorov
    More posts by this author

    Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

  • bitcoin
    BTC$21,527.00
  • ethereum
    ETH$1,243.73
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!