Blockmetrix raises $43M in Series B equity

Dynamically growing US Bitcoin mining startup Blockmetrix has raised $43 million in Series B equity, bringing the total venture funding to $50M, the startup announced.

Expanding hypergrowth strategy

Investors from the US, Australia, and a few Asian countries took part in the new, significantly oversubscribed round. The funds raised will be used to expand Blockmetrix’s hypergrowth strategy, mainly by securing digital asset mining rigs.

Series A funds used to deploy 1000+ rigs

Blockmetrix has enjoyed exponential growth since its incorporation in June 2021. The amount of $7 million, accumulated in a Series A funding round, was used to deploy over 1000 rigs.

The newly raised $43 million in Series B capital will allow the startup to secure an additional 5,000+ rigs. This will happen within the framework of five bigger, medium-term orders.

A major player in Texas’ crypto mining gold rush

As startups and established miners rush to Texas to set up shop, Blockmetrix is receiving significant funding. According to Bitcoin (BTC/USD) experts, Texas is going to be the next Bitcoin mining capital.

The state and local governments encourage continued investment in digital asset mining operations, hoping to achieve economic growth and create more jobs.

The relationships established between Blockmetrix and investors based in the US, Australia, and Asia revolve around crypto, tech, and mining. Blockmetrix Co-Founder and CEO Nevin Bannister commented the Series B round:

Acquiring this additional funding is a significant milestone and testament to our team’s effort to build this company at breakneck speed. Scaling our company as quickly as possible has been our main prerogative since day one. We are striving to keep up this momentum and meet industry demand as we enter our interim round and eventual third round of funding. We thank all our investors for believing in our mission.

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