Cormint Data Systems, a startup specializing in Bitcoin mining, has successfully raised $30 million in a Series A funding round. The funding was co-led by Cormint President Jamie McAvity and Nav Sooch, Chairman of semiconductor firm Silicon Laboratories (SLAB). Additionally, Alessandro Piovoccari, the former Chief Technology Officer of the chip firm, joined the Series A round, alongside existing investors.
This substantial capital infusion will be utilized to establish a cutting-edge data center in Fort Stockton, Texas, equipped with an impressive computing power of 2.4 exahash/second (EH/s).
The recently raised funds are in addition to 400 BTC ($10.8 million) acquired through promissory notes in late 2022.
As the price of Bitcoin experiences a moderate rebound and energy costs decrease, the mining industry is beginning to emerge from a protracted crypto winter characterized by numerous high-profile bankruptcies and defaults.
Cormint has set a target to have the self-mining computing power of 2.4 exahash/second (EH/s) fully operational at the Fort Stockton site by the end of 2024.