Monday, October 3, 2022
HomeBTCBlockmetrix raises $43 million in a Series B round of funding

Blockmetrix raises $43 million in a Series B round of funding

Blockmetrix, a bitcoin (BTC) mining company based in Dallas, has raised $43 million in a new round of funding. This brings the company’s total funding since June 2021 to $50 million.

The additional funding will enable Blockmetrix to obtain over 5,000 mining machines, which will be added to the 1,000 miners already in operation after last year’s $7 million Series A. According to the company, this new round of funding was well-received and included investors from the United States, Australia, and other countries in Asia.

Blockmetrix intends to expand swiftly by using all available funds and debt to acquire mining rigs while reducing power costs via multiple joint ventures, according to CEO and co-founder Nevin Bannister. The company’s joint venture partners will be responsible for the creation and management of the co-location facility, which will enable the company to devote the bulk of funding to hashrate expansion rather than infrastructure development.

Additionally, Blockmetrix’s focus on the United States, namely Texas, is positive. “Experts have predicted that Texas will become the next Bitcoin mining centre,” CEO and co-founder Nevin Bannister said. “Local law encourages businesses to keep investing in digital asset mining businesses in the state, which is supposed to help the state’s economy and create jobs.”

Blockmetrix is now negotiating a joint venture agreement to get a 100 megawatt (MW) colocation facility in Texas, Bannister added.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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