Crypto Miner Pow.re Raises $9.2M Series A at $150M Valuation
Montreal-headquartered mining firm specializes in operating from locations with stranded power.
Canadian crypto mining firm Pow.re said Thursday it had closed a $9.2 million Series A round as well as a $18 million strategic investment.
The Series A valued the company at $150 million, and was led by crypto asset management platform Haru Invest, with support from digital assets trading company Trinito as well as RFD Capital. The $18 million strategic investment came via Haru, and will be used to finance the company’s expansion into Paraguay.
"We are grateful to our strategic partner and investors for their support and conviction in our execution capabilities." said Calvin Tay, Pow.re's group chief financial officer, in a statement. "This mandate will enable us to accelerate our growth and capitalize on opportunities in current market conditions."
With its Paraguay expansion, the miner said it will have over 500 petahash per second (PH/s) of mining capacity this quarter.
Its operations in Paraguay will be powered by hydroelectricity. Pow.re also operates a mining facilities in Wabush, Labrador, in northern Atlantic Canada, which also uses hydropower.
Recently, Blockstream, another Canadian mining company, raised $125 million to expand its bitcoin mining facilities and hosting services.
Update Feb 6 (06:21 UTC): An earlier version of this article had a reference to a mining operation Pow.re had in northern Quebec. After publication, references to that operation were removed from Pow.re's website. A spokesperson for Pow.re said that the facility was still in development and apologized for the confusion.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.