Cormint Raises $29,000,000 Series B to Scale Its Bitcoin Mining Operation Into New Sites
2024年7月23日 - 9:07PM
ビジネスワイヤ(英語)
Cormint Data Systems, Inc. (“Cormint”), an emerging Bitcoin
miner focused on mining Bitcoin at the lowest possible cost,
announced today that it has successfully raised $29,000,000 in
Series B equity. The raise was co-led by Cormint’s existing equity
investors, Bitcoin lenders and the company’s President and CEO,
Jamie McAvity. The successful Series B raise brings the total
equity and Bitcoin denominated debt raised since the company’s
inception to more than $80,000,000. Each of these equity rounds has
delivered a strong price appreciation to prior investors, and the
company’s share price has outperformed a Bitcoin return since its
first priced equity round in 2020. “If a Bitcoin miner’s equity
does not outperform a BTC return, that equity has no reason to
exist. This philosophy is at the heart of our strategy at Cormint,”
said McAvity.
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Cormint's Fort Stockton site (Photo:
Business Wire)
Cormint recently passed 2EH/s and 75MW of proprietary Bitcoin
mining load under management, and is fully funded to reach 130MW
and 3.5 EH/s by fall 2024. Additionally, through the first half of
2024, the company is projecting realized “all-in” power costs of
under 1.9c/KWh, putting themselves on pace to post record revenue
and cost per KWh for 2024. Cormint has signed LOIs to negotiate
transactions that would allow the company to develop an additional
225+ MW of power infrastructure through 2025, and the company has a
goal of reaching 500MW under management by 2026.
“Throughout 2023-24 Cormint has amassed a strong balance sheet
and built a scalable data center development process,” McAvity
added. “We are seeking to partner with landowners, power plants and
energy companies to enhance the value of their assets through
Bitcoin mining in a manner that eliminates exposure to Bitcoin’s
price volatility,” he continued, noting that “because of Bitcoin’s
characteristics as a commodity, miners and partners of miners can
fully hedge price risk and even be paid to do so due to contango
market structure and put/call skews.”
Please note that this press release is for informational
purposes only and it does not represent an offer to sell or the
solicitation of an offer to buy any of Cormint’s securities.
This press release contains a number of forward-looking
statements. Words such as “expect,” “will,” “working,” “plan” and
variations of such words and similar future or conditional
expressions are intended to identify forward-looking statements.
These forward-looking statements reflect Cormint’s current views
with respect to, among other things, future events. These
forward-looking statements are not guarantees of future results and
are subject to a number of risks and uncertainties, many of which
are difficult to predict and beyond Cormint’s control. Important
factors that may cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to Cormint’s ability to deliver and execute on its
strategic plans; Cormint’s ability to maintain free cash flows and
increase its operating margins and other risks related to Bitcoin
mining.
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For more information, please visit www.cormint.com or contact us
investors@cormint.com