A crypto mining company founded less than eight months ago has already hit a total of $50 million in funding.
On March 8, the bitcoin mining company announced that it had closed its Series B equity round at $43 million. Combined with $7 million previously raised from its Series A funding round, the company’s total funding valuation stands at $50 million.
According to the company, investors responsible for Blockmetrix’s record capital raise are from various countries, including the U.S. and Australia. It also has investors from several Asian countries.
Blockmetrix was founded in July 2021 by three investment leaders who live in Dallas. According to the company’s website, co-founder and CEO Nevin Bannister has founded startups that have sold for over $800 million altogether.
The founders attribute the significant funding to a crypto mining gold rush in Texas spurred by Governor Greg Abbott’s support of cryptocurrency and the Texas Blockchain Council.
In a move that recognized the legal status of digital currency, Abbott signed the “Virtual Currency Bill” in June 2021. According to The Dallas Morning News, the Texas Department also said that state-chartered banks are now allowed by Texas law to safekeep or provide custody for virtual currencies.
The founders also attribute the significant funding to the state’s inexpensive electricity costs.
With its initial $7 million funding, Blockmetrix was able to secure over 1,000 mining rigs. Its latest monies will be used for an additional batch of up to 5,000 mining rigs as part of the company’s expansion strategy.
Blockmetrix aims to become the fastest-growing global digital asset mining company.
According to CoinDesk, Bannister said that the company plans to acquire mining rigs with all its available capital and debt while controlling power costs through multiple joint ventures. “Through [joint ventures], we will obtain part-ownership of a co-location facility to ensure low power rates and a place to house our bitcoin miners,” he said.
Blockmetrix is located in the Rolex building in the Harwood District of Dallas.