ePIC bags $7.5Mn funds to expand cryptocurrency hashrate

ePIC bags $7.5Mn funds to expand cryptocurrency hashrate

ePIC Blockchain Technologies Inc., North America’s leading blockchain semiconductor and mining rig provider, has reportedly secured a Series A funding round for USD 7.5 million advised by Fort Capital Partners in the structure and evaluation of the offering.

According to a statement by the company, with a robust order book and a rapidly advancing cryptocurrency market, ePIC is slated to become a prominent supplier of mining rigs globally. Moreover, by the end of 2021, ePIC will carry a portfolio of nearly 3 mining rigs, addressing a robust market potential crossing USD 1 billion worth of mining rewards.

Notably, the proceeds from the raise along with that from early client orders will be used to fund the cost of prototyping and pre-production of ePICS’s third mining rigs. Code named as “Amnesia, this ASIC was in the development phase since the first half of 2020 and is projected to launch in Q4 of 2021.

Along with its SC200 rig for Amnesia and Siacoin, the blockchain company is focusing on production with one other Altcoin mining rig during Q3 2021.

It is worth mentioning that with more than USD 1 billion secured through publicly listed miners in the last six months, proposals have been announced for a total of 720MW power capacity for North America data center and mining activities. The rise in power capacity and the introduction of local equipment vendors such as ePIC inks a major milestone towards the decentralization of global hashrate production.

Founded in the year 2017, ePIC Blockchain is North America’s only Cryptocurrency ASIC and Mining Rig provider. The firm’s engineering team has built advanced semiconductor technologies for various popular products in the past few years including 6 generations of GPU IP and 10 generations of AMD GPUs for gaming consoles like Playstation 4 and 5.  

Source Credit: https://www.businesswire.com/news/home/20210415005241/en/ePIC-Blockchain-Completes-7.5-https://www.prnewswire.com/news-releases/yas-launches-the-worlds-first-microinsurance-nfty-covering-nft-301269677.htmlMillion-Series-A-Financing-Round