Sangha Raises $14M for Texas Solar Bitcoin Mining Project
Bitcoin infrastructure startup Sangha Renewables has broken ground on a 19.9-megawatt mining facility in West Texas, aiming to harness underutilized solar energy for Bitcoin production.
The company said Wednesday it has raised $14 million in equity, securing the majority of a targeted $17 million funding round. Proceeds will support the construction of the West Texas site and further development of Sangha’s project-finance-driven mining model.
Developed in partnership with an unnamed independent power producer (IPP), the facility will operate behind-the-meter on an existing solar farm. Sangha has leased 5.5 acres and signed a power offtake agreement to directly purchase 19.9 MW of electricity. The IPP, which has faced grid congestion and negative pricing challenges, is said to gain a new revenue stream without taking on capital or operational risk.
The site is intended as a proof-of-concept for Sangha’s approach, which integrates Bitcoin mining with renewable energy through special purpose vehicles (SPVs). The structure enables accredited investors to receive distributions in Bitcoin or Bitcoin-backed income. Operations are expected to begin in the third quarter of 2025.
Sangha says it selects sites using proprietary models that forecast energy prices and Bitcoin hashprice at granular intervals, allowing for real-time curtailment strategies to boost profitability. The company claims its model can deliver one of the lowest-cost mining operations in North America.
The project launch comes amid tightened mining economics, where operators must secure low-cost energy or run highly efficient hardware to remain competitive. Several large-scale miners have recently announced plans to pause hashrate expansion and pivot toward high-performance computing.
