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Bitcoin mining firm Cormint Data Systems has raised $29 million in a Series B equity <a href="https://ultramining.com/news/en/liquidstack-secures-funding-to-boost-eco-friendly-bitcoin-mining-in-the-u-s/">funding</a> round, co-led by its existing equity investors, bitcoin lenders, and Jamie McAvity, Cormint’s president and CEO. 
The company announced on Tuesday that it has recently achieved 2 EH/s of energized hashrate in West <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a>, with 75 megawatts (MW) of proprietary bitcoin mining load under management. With the new funding, Cormint said it is fully funded to reach 130 MW and 3.5 EH/s by fall 2024, implying a fleet efficiency of approximately 37 J/TH. 
“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,” McAvity stated in the release, according to <a href="https://theminermag.com/news/2024-07-23/cormint-bitcoin-miner-equity-raise/">TheMinerMag</a>. 
In its first quarter report, Cormint disclosed bitcoin production of 147 BTC, with a direct mining cost of $10,710 and corporate overhead of $13,407 per BTC. This suggested a fleet hashcost of $18.6/PH/s and a corporate hashcost of $23.3/PH/s, amounting to a total hashcost of $41.9/PH/s before financial expenses. 
Cormint appears to be running with an older generation of equipment. It previously reported an all-in power cost of $0.021/kWh for the first quarter of this year, which aligns with an estimated fleet efficiency of 37 J/TH. The company claimed that the “realized all-in power costs” were under $0.019/kWh for the first half of 2024. 
Additionally, Cormint said it has signed Letters of Intent to negotiate transactions that would enable the development of an additional 225+ MW of power infrastructure through 2025.

Bitcoin Miner Cormint Secures $29M to Boost Hashrate and Efficiency

Ultramining_Eng

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