Bitcoin Mining Startup Blockmetrix Raises $43M in Series B Round

The company had previously raised $7 million that went into deploying more than 1,000 mining rigs.

AccessTimeIconMar 8, 2022 at 2:00 p.m. UTC
Updated May 11, 2023 at 7:16 p.m. UTC

Dallas-based bitcoin (BTC) mining startup Blockmetrix announced a $43 million Series B funding round, bringing total funding to $50 million since June 2021.

The new monies will allow Blockmetrix to secure more than 5,000 mining rigs to be added to 1,000 miners put to work with last year’s $7 million Series A. This latest round was oversubscribed, said the company, and included investors from the U.S., Australia and several Asian countries.

  • Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur
    Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur
  • What's the Biggest Misconception People Have About Bitcoin Mining?
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • What You Need to Know About the Bitcoin Halving
    What You Need to Know About the Bitcoin Halving
  • Bitcoin Miner Bitfarms Warns of Default
    Bitcoin Miner Bitfarms Warns of Default
  • Blockmetrix plans to grow rapidly by using the maximum amount of available capital and debt to buy mining rigs, while controlling power costs through various joint ventures, CEO and co-founder Nevin Bannister told CoinDesk. “Through [joint ventures] we will obtain part-ownership of a co-location facility to ensure low power rates and a place to house our bitcoin miners,” he said.

    The company’s JV partners will be responsible for the development and operation of the co-location facility, which will help channel the majority of the funding directly towards increasing hashrates rather than building infrastructure, Bannister explained.

    Bannister is a professional entrepreneur, having previously founded startups that have sold for a combined value of over $800 million, according to the Blockmetrix website.

    The funding comes at a time when cryptocurrency and broader markets have pulled back from their peaks last year, dampening some of the euphoria among investors. “Our investors were attracted to our management's proven ability to operate and scale at a high level,” said Bannister. “Our ability to raise a significant amount of funding during market turmoil and geopolitical challenges makes us distinct from our competitors,” he added, noting the company’s investors consisted mostly of high-net-worth individuals, many of whom have institutional ties and experience.

    Another plus is Blockmetrix’s U.S focus, Texas in particular. “Experts have declared Texas to be the next Bitcoin mining capital,” Bannister said. “Local legislation encourages continued investment in digital asset mining operations in the state with the hopes of revitalizing economic growth and bringing jobs to the area.”

    Blockmetrix is currently negotiating a JV deal that will secure a 100 megawatt (MW) co-location facility in Texas, with expansion potential to 200MW, Bannister told CoinDesk.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

    Read more about