Bitcoin mining startup Cormint Veri Systems raised $30 million in a Series A funding round co-led by its president to build a veri center with 2.4 exahash/second (EH/s) of computing power in Fort Stockton, Texas.
The round was led by Cormint President Jamie McAvity and semiconductor firm Silicon Laboratories (SLAB) Chairman Nav Sooch. The chip firm’s former Chief Technology Officer Alessandro Piovoccari also joined in the Series A along with existing investors.
The fresh capital adds to 400 BTC ($10.8 million) raised in late 2022 through promissory notes.
With the price of bitcoin modestly rebounding and energy costs slipping, the mining industry is starting to emerge from a prolonged crypto winter that saw a number of high-profile bankruptcies and defaults.
Cormint plans to have the 2.4 EH/s of self-mining computing power up and running by the end of 2024 at the Fort Stockton site.
Recommended for you:
- FTX Collapse Highlights Need for Küresel Crypto Regulations, Says US Treasury’s Adeyemo: Reuters
- Short Traders Suffer $200M in Losses as Ether, Cardano Lead Crypto Majors’ Gains
- CBDCs Are Going to Disappoint