Crypto Miner Pow.re Raises $9.2M Series A at $150M Valuation

Canadian crypto mining agency Pow.re introduced on Thursday that it had closed a $9.2 million Sequence A spherical in addition to a $18 million strategic funding.

The Sequence A valued the corporate at $150 million, and was led crypto asset administration platform Haru Make investments, with help from digital belongings buying and selling firm Trinito in addition to RFD Capital. The $18 million strategic funding got here by way of Haru, and will likely be used to finance the corporate’s enlargement into Paraguay.

“We’re grateful to our strategic associate and buyers for his or her help and conviction in our execution capabilities.” stated Calvin Tay, Pow.re’s Group CFO, in an announcement. “This mandate will allow us to speed up our development and capitalize on alternatives in present market situations.”

With its Paraguay enlargement, the miner stated it can have over 500 Petahash per second (PH/s) of mining capability this quarter.

Its operations in Paraguay will likely be powered by hydroelectricity. Pow.re additionally operates mining amenities in Wabush, Labrador, in northern Atlantic Canada, which additionally makes use of hydropower, in addition to a facility close to Quebec’s St. Lawrence River which makes use of wind energy.

Not too long ago, Blockstream, one other Canadian mining firm, raised $125 million to develop its bitcoin mining amenities and internet hosting companies.