Blockware Mining hauls $25 million in recent funding round

North American bitcoin mining company Blockware Mining announced the successful completion of a second oversubscribed fundraising round that raised $25 million.

The development brought the firm’s total capital raised to more than $32 million, which will be used in expanding their bitcoin mining activities in Kentucky. Also, additional 8,000 mining machines will also be purchased by Blockware for its Paducah campus.

The company actually has already bought the requisite rigs as well as another 6,000 intended for resale to other miners. All 14,000 bitcoin mining machines were purchased with the funds that were raised from earlier seed rounds.

Improving U.S. hashrate

“Currently, only an estimated 10% of the hash rate worldwide is generated in the U.S. By providing low hosting rates, Blockware Mining will create better worldwide distribution of the Bitcoin network and make the hash rate in the U.S. more globally competitive,” the company said in its statement following the successful fundraising.

Blockware is aiming to triple its global hash rate in a year. That means bringing up their current capacity of 0.3 Exahashes per second (EH/s) to more than 1 EH/s by mid-2022.

The company will lean on income from its bitcoin mining operations and other mining-related businesses and investor capital to attain its target within its set timeframe.

More than what is being looked for

Similar to its prior private placement, Blockware Mining said the recently concluded funding round was oversubscribed.

It meant that investors were actually willing to offer more than what the mining business was currently looking for. This, according to the company, is a show of confidence among the investors.

Previously, the bitcoin mining company was able to raise $7 million from its recent funding rounds and with its latest haul of $25 million, its total private equity investments jumped to $32 million.

 

Image courtesy of Cointelegraph News/YouTube

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