Compute North to expand bitcoin mining operations; raises $25M funding

Compute North to expand bitcoin mining operations; raises $25M funding

Compute North, a prominent bitcoin mining company in North America, has reportedly announced that of its growth funding round valued $25 million in debt financing and equity has closed. With this funding, the company intends to expand its operations, especially given the accelerating demand for its data and colocation services.

According to credible sources, the debt capital was raised in the form of a senior secured loan through an investment firm named Post Road Group. Through this capital, the company aims to double its existing hash rate of 920 PH/s (peta hashes per second) to 1,840 PH/s.

On account of its partnership with Foundry Digital last month, the company had secured an opportunity to add 47 MW of computing power to its bitcoin mining operations along with the purchase of MicroBT’s 14,000 new Whatsminer M30S rigs.

Speaking on the initiative, CEO of Compute North, Dave Perrill stated that the company was started with the idea of seizing the opportunity of combining its data center and power expertise and provide its customers with a better offering. This capital infusion will enable the company to effectively meet the customer demands, innovate its services, and expand its team, Perrill added.

Considering the accelerating interest towards bitcoin mining, especially among institutional investors, Compute North will reportedly continue to raise capital over the foreseeable future.

Expressing his optimistic view, Perrill had stated that with Joe Biden’s victory in election and formulation of his economic team, the Federal Reserve is likely to print more money for stimulating the economy and keeping Biden’s campaign promise. The increased inflation will expedite the decline of dollar which will encourage smart money to move towards digital currencies.

For the record, Compute North is headquartered in Eden Prairie, Minnesota and has data and mining facilities in Kearney, Nebraska; Big Spring, Texas; and North Sioux City, South Dakota. It is one of the primary ventures which is bringing higher capacity of bitcoin mining from China, its geographical center. In addition, Compute North supported the development of TIER 0 data center model, which helps in moving the data at fastest speed and highly efficient rate than other data processing tiers.

Source credit: https://www.nasdaq.com/articles/compute-north-raises-%2425-million-to-expand-bitcoin-mining-operations-2021-02-11