Cormint Data Systems, a burgeoning Bitcoin miner that aims to mine cost-effective Bitcoin at scale while supporting a sustainable and dependable power grid, has announced a successful $30m Series A equity raise.
The funding round was co-headed by Cormint’s President, Jamie McAvity, and Silicon Laboratories, Inc’s Chairman Nav Sooch. The round also saw significant participation from existing investors. Silicon Labs’ former CTO, Alessandro Piovaccari, joined the round as an advisor to Cormint alongside Sooch, while also investing in the company.
The Series A funding supplements the capital Cormint previously raised through Bitcoin-denominated promissory notes issued in 2022. This additional financial backing will facilitate rapid expansion of Cormint’s operations at its main site in Fort Stockton.
The company has set an ambitious goal of achieving 2.4 EH of self-mining capacity by the end of 2024. With its proprietary immersion solution and power optimisation software, Cormint aspires to be one of the lowest-cost Bitcoin miners in North America.
The freshly secured funds will be used to further expand Cormint’s operations in West Texas, with President Jamie McAvity emphasising his commitment to Bitcoin mining in the region. He underscored the supportive regulatory environment in Texas, highlighting its favourable impact on the growing Bitcoin mining industry and the state’s transition to renewable energy.
Cormint’s President, Jamie McAvity, expressed his elation at the strong support from investors. He recently led both equity and debt rounds into Cormint after successfully exiting his previous SaaS business, Knock, which was acquired by Texas-based Realpage in 2022.
McAvity said, “I am going all in on Bitcoin mining in West Texas. Pecos County is our home and we are proud to be here. In my view, Texas is the best place to be a Bitcoin miner, having set the playing field with transparent and fair regulation for the fast growing Bitcoin mining industry that is proven to be supportive of grid stability and the renewable energy transition.”
Founded in 2018, Cormint boasts a strong foundation in engineering, energy, and financial management. Its leadership team, consisting of four dedicated co-founders and ardent Bitcoin enthusiasts, believes these strengths will ensure sustainable growth and deliver impressive returns to investors throughout various economic cycles. Cormint has already achieved operating free cash flow in its most recent financial quarter and anticipates continued improvement in operating margins as the business scales.
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