Cormint Data Systems Raises $29 Million in Series B Funding to Scale Bitcoin Mining Operations

Cormint Data Systems, Inc., an emerging Bitcoin miner focused on mining Bitcoin at the lowest possible cost, has successfully raised $29 million in Series B equity funding. This recent funding round was co-led by the company’s existing equity investors, Bitcoin lenders, and Jamie McAvity, Cormint’s President and CEO.

The successful Series B raise brings the total equity and Bitcoin denominated debt raised since the company’s inception to more than $80 million. 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,” stated McAvity. The company has recently achieved significant milestones, including passing 2 EH/s and 75 MW of proprietary Bitcoin mining load under management. With the new funding, Cormint is fully funded to reach 130 MW and 3.5 EH/s by fall 2024.

Moreover, through the first half of 2024, the company is projecting realized “all-in” power costs of under 1.9 cents per kilowatt-hour (KWh), putting themselves on pace to post record revenue and cost per KWh for 2024. Cormint has also signed Letters of Intent to negotiate transactions that would allow the company to develop an additional 225+ MW of power infrastructure through 2025, with a goal of reaching 500 MW under management by 2026.

“Throughout 2023-24, Cormint has amassed a strong balance sheet and built a scalable data center development process,” added McAvity. “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.”

McAvity further explained 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. This strategic approach positions Cormint to deliver sustainable growth and outstanding returns to investors throughout economic cycles.

Cormint’s focus on operational efficiency, security, and cleanliness is reflected in its immersion-cooled mining modules, which maximize the lifespan of Bitcoin ASICs. The company’s mission is to support renewable energy without sacrificing grid stability, adding Bitcoin mining loads that are beneficial to the power grid.

The company’s recent achievements and strategic plans underscore its commitment to becoming one of the most efficient mining companies in North America. With a strong team and a scalable data center development process, Cormint is well-positioned to take advantage of the many opportunities that lie ahead for companies capable of delivering best-in-class cost of production.

Cormint’s President and CEO, Jamie McAvity, has personally led the equity and debt rounds into Cormint, following a successful exit of his previous SaaS business, Knock, Inc., to Texas-based Realpage in 2022. McAvity’s leadership and vision have been instrumental in driving Cormint’s growth and success.

The company’s headquarters is located in Fort Stockton, Texas, and it has assembled a talented team with a mission to become the most efficient mining company in North America. With this new funding, Cormint is poised to continue its expansion and achieve its ambitious goals in the Bitcoin mining industry.

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