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- 1 $30 million funding in Serie A to Crypto mining company Cormint.
- 2 President of Cormint, Jamie McAvity believes Texas is the best place for Bitcoin mining
- 3 Cormint’s operating margins and free cash flow will increase as the scales.
One of the biggest and most emerging Bitcoin mining companies, Cormint Data Systems, Inc. (“Cormint”), announced in a press release that it has raised $30,000,000 in Series A equity funding.
The Series A funding was co-led by Jamie Mcavity, President of the company, and Nav Sooch, chairman of Silicon Laboratories, Inc (“Silicon Labs”) who was vouching strongly for the current investors. Alessandro Piovccari, former CTO of Silicon Labs also joined the funding round and acted as an advisor for both Cormint and the investors.
Cormint’s Fort Stockton flagship Bitcoin mine
The $30 million funding adds to the funding raised in late 2022 through BTC-denominated promissory notes. The $30 million funding will help the company to move towards its major goal of reaching 2.4EH of self-mining by 2024. It will also help Cormint to expand its footprint at Fort Stockton, its flagship site.
To become one of the lowest-cost Bitcoin miners in the North American region the company is innovating with its own proprietary immersion solution and power optimization technology.
Jamie McAvity, President of Cormint thanked all the investors for showing such strong support. McAvity has personally carried out successful debt and equity rounds for Cormint. He had run a few successful businesses such as the SaaS business, Knock Inc to the Texas-based Realpage in 2022.
McAvity shared his vision by explaining that they’re going all in with the West Texas mining plant. He mentioned that Pecos County is their home and they feel proud to be here. His aim is to become the most efficient mining company in North America and Texas is a great place for that.
He called the Texas laws fair and transparent regulations that will help them grow much more smoothly and fastly. The bitcoin mining industry is transitioning to renewable energy and has proven itself of grid stability said McAvity.
Cormint was founded in 2018 and the company is led by 4 people who have been devoted to Bitcoin for a long time now. The company has shared its vision and believes that it can deliver outstanding returns to investors. The company believes it has the power of engineering, energy, and financial management discipline to achieve sustainable growth and can keep delivering returns throughout economic cycles.
Cormint in its last financial quarter has delivered better operating margins and free cash flow. The company expects its results to grow in the coming future as the business scales.
One of the biggest reasons why McAvity is bullish in West Texas is because of its standard of electricity grid. West Texas has 87% renewable energy and is one of the fastest-growing bitcoin mining sectors in the country. Texas has continued to stay on its commitment to supporting new industries.
McAvity believes that with the new round of funding, they are confident to deliver the best product possible and take advantage of all the opportunities that lie ahead of them.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
