Cormint Data Systems, Inc., a Texas-based Bitcoin mining organization dedicated to cost-effective, large-scale mining in tandem with a sustainable power grid, has successfully raised $30 million in a Series A equity funding round. Based in Fort Stockton, the company has set its sights on becoming a key player in the Bitcoin mining industry.
The funding round was co-led by Cormint’s President, Jamie McAvity, and Chairman Nav Sooch of Silicon Laboratories, Inc (NASDAQ: SLAB). Alongside their significant investment, they were also joined by Silicon Labs’ former CTO, Alessandro Piovaccari. Both Sooch and Piovaccari are not only investors but also advisors to Cormint, bringing their wealth of knowledge and experience to the company’s strategic planning.
This fresh infusion of capital in the Series A round complements the funds raised through Bitcoin (BTC) denominated promissory notes issued at the end of 2022. The funding will enable Cormint to significantly expand its operations at its flagship site in Fort Stockton. The company has set a lofty target of achieving 2.4 exahashes (EH) of self-mining capacity by the close of 2024.
With the financial backing and strategic guidance from seasoned technology leaders, Cormint is well-positioned to make significant strides in the realm of sustainable, low-cost Bitcoin mining. This venture represents an exciting development in the intersection of cryptocurrency, technology, and renewable energy.