Bitcoin Miner Cormint Raises $29M in Series B Round

Bitcoin mining firm Cormint Data Systems has raised $29 million in a Series B equity funding round, co-led by its existing equity investors, bitcoin lenders, and Jamie McAvity, Cormint’s president and CEO.

The company announced on Tuesday that it has recently achieved 2 EH/s of energized hashrate in West Texas, with 75 megawatts (MW) of proprietary bitcoin mining load under management. With the new funding, Cormint said it is fully funded to reach 130 MW and 3.5 EH/s by fall 2024, implying a fleet efficiency of approximately 37 J/TH.

“If a bitcoin miner’s equity does not outperform a BTC return, that equity has no reason to exist. This philosophy is at the heart of our strategy at Cormint,” McAvity stated in the release.

In its first quarter report, Cormint disclosed bitcoin production of 147 BTC, with a direct mining cost of $10,710 and corporate overhead of $13,407 per BTC. This suggested a fleet hashcost of $18.6/PH/s and a corporate hashcost of $23.3/PH/s, amounting to a total hashcost of $41.9/PH/s before financial expenses.

Cormint appears to be running with an older generation of equipment. It previously reported an all-in power cost of $0.021/kWh for the first quarter of this year, which aligns with an estimated fleet efficiency of 37 J/TH. The company claimed that the “realized all-in power costs” were under $0.019/kWh for the first half of 2024.

Additionally, Cormint said it has signed Letters of Intent to negotiate transactions that would enable the development of an additional 225+ MW of power infrastructure through 2025.