Cormint Data Systems – an emerging Bitcoin miner focused on mining low-cost Bitcoin at scale while supporting a reliable and renewable power grid – announced that it has successfully raised $30 million in Series A equity. This funding round raise was co-led by its President Jamie McAvity, and Silicon Laboratories Chairman Nav Sooch with strong participation from existing investors. Silicon Labs former CTO, Alessandro Piovaccari, also joined the round alongside Sooch, becoming an advisor to Cormint as well as investors.
The funding from the Series A round adds to the capital raised through BTC-denominated promissory notes issued in late 2022 and allows Cormint to rapidly expand its footprint at its flagship site in Fort Stockton towards its goal of 2.4 EH of self-mining capacity by the end of 2024. And Cormint continues to innovate with its own proprietary immersion solution and power optimization software and expects to be amongst the lowest-cost Bitcoin miners in North America.
Cormint believes its prowess in engineering, energy, and financial management position it to achieve sustainable growth and deliver outstanding returns to investors throughout economic cycles. And Cormint was launched in 2018 and is led by four committed co-founders who are long-time devoted Bitcoiners. Through its most recent financial quarter, Cormint delivered operating free cash flow and expects its operating margins to continue to improve for the foreseeable future as the business scales.
“We are thrilled to have received such strong support from our investors. I am going all in on Bitcoin mining in West Texas. Pecos County is our home and we are proud to be here. We have assembled one of the most talented teams in the industry with a mission to become the most efficient mining company in North America. In my view, Texas is the best place to be a Bitcoin miner, having set the playing field with transparent and fair regulation for the fast-growing Bitcoin mining industry that is proven to be supportive of grid stability and the renewable energy transition.”
“West Texas has set the standard for the electricity grid of the future. With 87% renewable energy installed and a fast growing Bitcoin mining sector, the region highlights its continued commitment to supporting new industry. With this new funding, we are well-positioned to take advantage of the many opportunities that lie ahead for companies like ours who are capable of delivering best-in-class cost of production.”
— Jamie McAvity, Cormint’s President; McAvity has personally led the equity and debt rounds into Cormint on the heels of a successful exit of his previous SaaS business Knock, Inc to Texas-based Realpage in 2022