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- Cormint Data Systems Raises $29M in Series B Equity
Cormint Data Systems Raises $29M in Series B Equity
Slice of Finance Team
26 Jul
Key Highlights:
Cormint Data Systems raises $29 million in Series B equity.
Total funding raised surpasses $80 million.
Company aims to reach 130MW and 3.5 EH/s by fall 2024.
Projected “all-in” power costs under 1.9c/KWh for 2024.
Plans to develop 225+ MW of additional power infrastructure by 2025.
Source (Business Wire)
Notable Quote:
“If a Bitcoin miner’s equity does not outperform a BTC return, that equity has no reason to exist. This philosophy is at the heart of our strategy at Cormint. Throughout 2023-24 Cormint has amassed a strong balance sheet and built a scalable data center development process.”
Our Take:
Cormint Data Systems’ recent Series B equity raise is a significant milestone, highlighting the company's robust growth and strategic vision in the Bitcoin mining sector. By focusing on partnerships with landowners, power plants, and energy companies, Cormint aims to mitigate exposure to Bitcoin’s price volatility while maximizing asset value. The company's impressive target of reaching 130MW and 3.5 EH/s by fall 2024, coupled with its low power costs, positions it as a formidable player in the industry. This strategic approach not only underscores Cormint’s commitment to cost efficiency but also signals strong investor confidence in its long-term profitability and market positioning.