Blockmetrix will use the funds to further the company’s expansion strategy by securing 5000 additional rigs.
Blockmetrix, a startup engaged in Bitcoin mining, and which employs fast and lean crypto mining technology, recently raised $43 million in its Series B funding round amidst the cryptocurrency market mayhem and strategic geopolitical challenges plaguing the industry. With this funding, the company’s total funding valuation now stands at $50 million, with the remaining $7 million being raised in its last round and which was used to deploy over 1000 mining rigs by the company. Company co-founder and CEO Nevin Bannister confirmed this investment as a significant milestone and testament to the efforts of the Blockmetrix team in building the entity to its present status.
About the Funding and Its Intended Use
The startup was founded just last year in 2021 and since then has been experiencing massive growth. Its Series B equity round included investors from various geographies comprising the US, some countries in Asia and even Australia. These investors are primarily high-net-worth individuals having institutional ties and experience.
The funds will be put to use for the company’s expansion strategy by securing 5000 additional rigs.
According to Bannister, Blockmetrix plans to control power expenses by partnering in joint ventures so that they become part-owners of a co-location facility. This strategy would help the company focus a greater share of its investments on increasing hashrates without worrying much about the infrastructure of the facility. One of the principal reasons behind the significant funding is the company’s location. Texas, emerging as the mining capital in the US, owing to its favourable local legislation and inexpensive electricity costs.
Bannister told CoinDesk about Blockmetrix’s current JV deal that will help it secure a 100-megawatt (MW) co-location facility in Texas, with expansion potential to 200MW. At a time when the cryptocurrency market is going through a rough phase falling from its peaks, the noteworthy investments are proof of investor confidence in Blockmetrix’s ability to operate at a higher level.
Blockmetrix is a Dallas-based bitcoin mining startup founded in 2021 by Nevin Bannister with the aim to become the fastest growing global digital asset mining company. Bannister is a strong leader who had the foresight back in 2015 to start investing in crypto through blockchain technologies, currencies and exchanges. Blockmetrix’s executive team comprises professionals involved with building companies across industries such as logistics, blockchain, venture capital energy and so on. Blockmetrix is considered by experts as the next big name in the crypto mining world with its highly experienced leadership and superior business relationships with extremely competitive mining equipment manufacturers.