Bitcoin Miner Blockmetrix Raises $43M in Series B Funding

Dallas-based bitcoin miner Blockmetrix has announced the completion of a $43 million Series B financing, bringing its total funding since June 2021 to $50 million.

Blockmetrix said it has 1,000 miners in operation after closing a $7 million Series A funding round last year. The latest funding round was oversubscribed, with investors from the US, Australia and several Asian countries.

Blockmetrix CEO and co-founder Nevin Bannister said the company plans to use the maximum available capital and debt to buy mining rigs, while controlling electricity costs through various joint ventures, allowing for rapid growth. "Through the (joint venture), we will gain fractional ownership of a co-located facility to ensure low electricity prices and provide a venue for our bitcoin mining rigs," he said.

Bannister explained that the company's joint venture partner will be responsible for developing and operating the facility, which will help direct most of the funds to increasing computing power rather than building infrastructure. Bannister also said that Blockmetrix is currently negotiating a joint venture agreement that would result in a 100-megawatt co-located facility in Texas with the potential to expand to 200 megawatts.