July 23, 2024
Cormint Data Systems, Inc., a rising Bitcoin mining company committed to mining Bitcoin at the lowest feasible cost, has announced its successful procurement of $29,000,000 in Series B equity. The funding round was jointly spearheaded by Cormint's current equity investors, Bitcoin lenders, and the firm's CEO and President, Jamie McAvity.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Cormint | $29M | July 23, 2024 | Series B | Bitcoin Lenders, Jamie Mcavity | Bitcoin |
This successful Series B funding has increased the total equity and Bitcoin-denominated debt raised since the company's establishment to over $80,000,000. Each equity round has resulted in significant price appreciation for previous investors, and the company's share price has exceeded Bitcoin returns since its initial priced equity round in 2020.
McAvity emphasized that the core of Cormint's strategy is the belief that if a Bitcoin miner's equity doesn't surpass a BTC return, there's no justification for that equity's existence. The firm announced on Tuesday that it has recently reached an energized hashrate of 2 EH/s in West Texas, managing a proprietary Bitcoin mining load of 75 megawatts (MW). With the infusion of the new funds, Cormint is now fully financed to achieve a target of 130 MW and 3.5 EH/s by the fall of 2024, suggesting a fleet efficiency of around 37 J/TH.
About Cormint Data Systems
Cormint Data Systems, Inc., also known as Cormint, is an emerging Bitcoin miner that aims to mine Bitcoin at the lowest possible cost. The company is harnessing Bitcoin denominated debt to build the grid of the future. It is scaling into 130MW of self-mining with a proprietary immersion solution.
Cormint provides near real-time transparency of mining performance and cold wallets to its investors. One of the key members of Cormint, Richard, focuses on power markets and has developed several power procurement and trading strategies for both NYISO (NY) and ERCOT (TX) power markets.
Website: https://www.cormint.com/
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About Investor
The funding round was jointly spearheaded by Cormint's current equity investors, Bitcoin lenders, and the firm's CEO and President, Jamie McAvity.
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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