Compute North Closes Series C Funding and Debt Financing with $385M

UTC by Steve Muchoki · 3 min read
Compute North Closes Series C Funding and Debt Financing with $385M
The Compute North team. Photo: Compute North / Facebook

Compute North currently has four facilities across the United States in operation.

Compute North, a provider of infrastructure for cryptocurrency mining, has closed a $385 million funding round. The round included an $85 million Series C funding co-led by Mercuria and Generate Capital plus $300 million in debt financing from Generate to fund the continued development of new US-based data centers.

Notably, Compute North intends to put the capital partly to opening hosting facilities in the United States including at Nebraska, North Carolina, and Texas.

The company has been pushing its mission through increasing its capacity around the United States and partnering with leading energy companies. “Compute North is well-positioned to collaborate alongside some of the leading energy companies in the world and develop new solutions to meet the unprecedented demand for computing infrastructure with a focus on sustainability,” said Dave Perrill, CEO of Compute North. “We want to be on the forefront of leading this transition, fast-tracking development of new data center sites to provide capacity. This new round of funding will enable us to execute on that plan and innovate through 2022 and beyond.”

According to the company’s website, it currently has four facilities across the United States in operation. Worth noting, the firm has 132 MW of power under management, which is 65 percent carbon-neutral.

The rising market share in the United States materialized after last year’s China ban on the crypto mining industry. Bitcoin and other proof of work digital assets rely on miners to keep the network safe, mostly the 51 percent attack.

Should more institutional investors, retail traders migrate to the crypto market, as observed in the past few years, Compute North anticipates growing further in assets, revenue, and infrastructure.

Compute North Ahead  and After Its Successful Funding Round

The crypto industry is one of the fastest-growing markets both pre, during, and post Covid. The industry has grown to a trillion-dollar market with the leading digital asset, Bitcoin, with a market capitalization of approximately $833 billion.

More institutional investors have come up to support the crypto industry through various ways following pro-crypto policies passed by the United States. One of the notable ways institutional investors have supported the crypto industry is through the crypto mining industry that requires the latest mining rigs, and software products.

Compute North is filling a growing gap of quality and affordable hosting services, particularly in North America.

“We are thrilled to partner with Compute North as they execute their market leading strategy of providing high-quality, low-cost hosting services while simultaneously focusing on decarbonizing the electric supply,” said Timothy Hood, head of Mercuria’s renewable energy trading. “Combining intermittent resources with the flexibility of TIER 0™ hosting allows Compute North to deliver highly competitive solutions for its increasingly diverse customer base.”

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