The $30,000,000 in Series A equity has been successfully raised, according to Cormint Data Systems, Inc. (“Cormint“), an up-and-coming Bitcoin miner focused on mining cheap Bitcoin at scale while maintaining a dependable and renewable power system.
Cormint Data Systems Raises $30,000,000 in Series A Round
With significant support from current investors, the financing was jointly led by Silicon Laboratories, Inc.’s Chairman, Nav Sooch, and the company’s President, Jamie McAvity. Alessandro Piovaccari, the former CTO of Silicon Labs, joined the round with Mr. Sooch and became an advisor to Cormint as well as investors.
What Will Funding Do?
The funds raised through the Series A round are added to the funds raised by the promissory notes released in late 2022 that are in BTC. It enables Cormint to quickly increase its footprint at its primary location in Fort Stockton in order to reach its objective of 2.4 EH of self-mining capacity by the end of 2024. Cormint anticipates becoming among the most affordable Bitcoin miners in North America thanks to its innovative immersion technique and power optimization software.
Jamie McAvity’s Statement
Jamie McAvity, president of Cormint, said, “We are thrilled to have received such strong support from our investors.” Following the successful sale of his last SaaS company, Knock, Inc., to Texas-based Realpage in 2022, McAvity personally led the equity and loan rounds into Cormint.
I am going all in on Bitcoin mining in West Texas. Pecos County is our home and we are proud to be here. We have assembled one of the most talented teams in the industry with a mission to become the most efficient mining company in North America. 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,
McAvity
What is Cormint?
Throughout economic cycles, Cormint thinks its strengths in engineering, energy, and financial management will enable it to achieve sustained growth and provide investors with exceptional returns. Four passionate co-founders who have been devoted Bitcoiners for a very long time led Cormint, which was created in 2018. Cormint produced operational free cash flow during its most recent financial quarter and anticipates that as the company grows, its operating margins will continue to rise.
West Texas has set the standard for the electricity grid of the future. With 87% renewable energy installed and a fast growing Bitcoin mining sector, the region highlights its continued commitment to supporting new industry. With this new funding, we are well-positioned to take advantage of the many opportunities that lie ahead for companies like ours who are capable of delivering best-in-class cost of production.
McAvity
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