Fabric Systems, a bitcoin mining hardware startup, raised $13 million in investment in the Seed Round. Among the participants in the financing round are Bitcoin miner TeraWulf, Skype co-founder Jaan Tallinn’s investment vehicle Metaplanet, Blockchain.com and 8090 Partners. “Most of the funding will be used on the Bitcoin side,” said Fabric co-founder Michael Gao to CoinDesk.
About Fabric Systems
Michael Gao is the founder of Fabric Systems, a crypto mining and hardware technology startup. Gao plans to develop a Bitcoin miner whose funds he claims will be more environmentally friendly than what is currently on the market. The company’s first product is the immersion-cooled ASIC machine. According to Fabric Systems, their product, immersion-cooling ASIC, is a type of machine that is immersed and cooled in a specific liquid rather than being cooled by conventional fans or air. Although this type of computer cooling technology is not well established, it has recently been used by companies such as Riot and Argo to cool large numbers of computers in Texas.
Fabric Systems claims that these products will provide an energy efficiency of 20 watts per terahash (watt/TH). These cooling machines are guaranteed to outperform bitcoin miners that are currently in the current markets in terms of energy efficiency. According to Bitcoin mining firm Luxor, these machines are divided into three different efficiency layers as “old generation” ASICs over 68 J /TH, “medium generation” ASICs 38-68 J /TH and “latest generation ASICs under 38 J /TH”. Fabric Systems is expected to start shipments in the third quarter of 2023 and the machine will go into production in the second half of 2023.