Bitcoin mining {hardware} agency Auradine has raised $80 million in its Series B funding spherical to enhance capability forward of surging demand. In a current assertion, the corporate disclosed the outcomes which drew contributors together with MVP Ventures, Maverick Capital StepStone Group, Marathon Digital, and so on.
As a supplier of Bitcoin mining and Artificial Intelligence (AI) {hardware}, Auradine seeks to leverage new funding to spice up manufacturing capability. According to the discharge, the corporate has shipped merchandise to over 30 blockchain information facilities resulting in $80 million bookings and over $200 million within the pipeline.
Bitcoin Miners Scramble for Hardware
This funding spherical comes amid pressures from Bitcoin miners to enhance capability forward of the halving occasion. The halving will slash the rewards of miners sprucing many companies to enhance hashrate.
Plans in the direction of the halving have been seen two years in the past even within the dominant bear market with miners buying and selling within the purple zone. Bitcoin miners resorted to a number of ways together with the sale of reserves and onboarding AI computing. The market rebound on inflows into spot Bitcoin ETFs stored miners in revenue leading to big investments in computing {hardware}.
On-chain information additionally reveals inflows of miner reserve to exchanges signaling gross sales towards improved hashrate. However, a number of crypto commentators flagged these transactions as a hedging technique and never an outright sale. It was additionally reported that a number of Bitcoin mining companies are shifting in the direction of previous US computing gear.
Auradine Ramps Up Production
The agency famous its dedication to innovation and highlighted plans to scale up options out there Rajiv Khemani, the co-founder and CEO of Auradine pointed to the innovation and development recorded in current occasions.
“The strong orders and pipeline reflect the confidence our customers have in us. With this new funding, we will ramp up production capacity and accelerate investments in our product roadmaps.”
Navin Chaddha, the managing associate at Mayfield Fund additionally counseled the agency’s capability and orders including, “We are delighted to support Auradine as it continues to pave the way in blockchain and AI infrastructure with impactful and sustainable solutions.”
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