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.
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.
“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.
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.