Bitcoin miner 360 Mining raised $2.25 million in a brand new funding spherical and plans to deploy the funds to extend pure gasoline manufacturing and mining capability.
The corporate’s plans had been revealed by Bitcoin mining software program firm Luxor, which stated it’s taking part within the funding round, together with BT Progress Capital.
360 Mining beforehand raised $6 million in a seed spherical in October 2021. The corporate is ramping up manufacturing at a time when a few of the largest Bitcoin miners are struggling to pay the payments. The autumn of bitcoin worth, mixed with excessive spot vitality costs and elevated mining problem, has squeezed miner earnings.
360 Mining at the moment operates a 2 megawatt capability web site in Texas, permitting for a hashrate of 45 PH/s. The brand new funds will enable it to extend gasoline manufacturing eightfold, CEO Chris Alfano advised The Block over Telegram. He anticipates including 90 PH/s by the primary quarter of 2023.
“We count on to duplicate our mannequin on bigger gasoline property that we are able to purchase all through 2023,” Alfano stated, including that the corporate plans to achieve 50 megawatts of capability by the top of subsequent yr.
Being absolutely built-in is a key a part of the corporate’s technique to “thrive in turbulent markets,” the CEO defined.
“By proudly owning the underlying vitality useful resource, 360 Mining is ready to adapt and stay worthwhile in turbulent markets by monetizing produced gasoline throughout three uncorrelated markets,” Luxor stated in a press release. They embrace Bitcoin mining, conventional gasoline gross sales and electrical energy gross sales.
Entry to low-cost vitality has change into important to survival, and the usage of stranded gasoline by corporations like Crusoe has grown in reputation.
360 Mining’s pure gasoline, nevertheless, is just not stranded — for a lot of causes. First, it “supplies a income stream uncorrelated to BTC” and subsequently extra steadiness sheet flexibility, Alfano stated. Second, it permits for higher gasoline volumes in a single location and thus extra scalability.
“Discovering stranded gasoline is difficult, discovering giant volumes of stranded gasoline is needle within the haystack,” he added.