Blockmetrix, a Dallas-based Bitcoin mining operation, says it has raised $25 million in debt financing to acquire crypto mining computers.
The funding was provided by BankProv, a crypto-friendly commercial bank, and CrossTower. The money is said to be an upgrade from an initial $5 million financing deal in December 2021, rounding out to a total of $25 million.
Blockmetrix explains that the current hashrate of Bitcoin is around 200 million terahashes per second on average – a 200%+ increase from when Blockmetrix was incorporated in May 2021. This increase in global computer power on the Bitcoin network is described as demonstrating the viability of Bitcoin mining. Blockmetrix anticipates a hash rate in excess of 1EH by the end of 2022.
Blockmetrix CEO and co-founder, Nevin Bannister. said they are pleased to have leaders in crypto-mining lending and cryptocurrency exchanges joining them to further their mission:
“Deciding to partner with BankProv and CrossTower was a clear win-win situation for all parties involved, and we strive to honor this partnership for years to come.”
Kristin Boggiano, President & Co-Founder at CrossTower, added that the digital asset mining industry is seeing rapid growth:
“We are excited to partner with Blockmetrix, which shows great potential in the digital asset mining space. With this deal, the CrossTower team will continue working with Blockmetrix to increase their operations via the partnership with BankProv. The partnership will expand both CrossTower’s and BankProv’s capabilities as leading providers of those solutions.”