Bitzero, a crypto mining firm backed by investor Kevin O’Leary, has raised $25 million to significantly expand its mining operations.
Bitzero, the crypto mining company that investor and TV personality Kevin O’Leary backs, has raised $25 million to expedite the expansion of its mining infrastructure.
The company declared on Wednesday that the new funding will be used to purchase 2,900 Bitmain S21 Pro miners. These high-performance machines are renowned for their energy efficiency, operating at 15 joules per terahash.
Bitzero stated that deployment is anticipated to occur within four to six months and is anticipated to generate an additional $10 million in annual revenue.
Bitzero Maintains Confidentiality Regarding Its Investors While Expanding Sustainable Crypto Mining
The company did not disclose the investors behind the transaction; however, it emphasized that the capital would assist in expanding its operations and enhancing profitability, which is consistent with its sustainability mission.
Bitzero has established itself as a renewable energy player in a frequently criticized sector for its environmental impact.
The data center in Namsskogan, Norway, is entirely powered by hydropower, consistent with the company’s overarching objective to maintain a balance between profitability and environmental and community concerns.
Mohammed Bakhashwain, president and CEO of Bitzero, stated, “Our objective has consistently been to demonstrate that Blockchain infrastructure can flourish in harmony with investors, communities, and the environment.”
The mining firm’s presence in Europe has already demonstrated the potential of renewable energy-driven mining.
Bitzero’s most recent funding round is intended to solidify its position as a pioneer in sustainable crypto infrastructure. This narrative is gathering traction with the broader initiative to promote greener blockchain operations.
Global Bitcoin mining continues to be dominated by Chinese origins
According to Batyr Hydyrov, CEO of Uminers, over half of the world’s Bitcoin mining operations are still linked to China, with 55% to 65% of mining being associated with Chinese capital, hardware, or expertise.
Key Chinese players have maintained their influence by relocating operations overseas, despite China’s 2021 mining prohibition.
America’s share of Bitcoin’s total hashrate has increased from 4% in 2019 to 38% today due to the production transfer of major Chinese manufacturers Bitmain, Canaan, and MicroBT to the United States to circumvent tariffs. These manufacturers are responsible for 99% of Bitcoin mining hardware.
Hydyrov also observed that former Chinese miners frequently expanded their capacity after relocating abroad, with some expanding by as much as 150%. He also noted that limited mining still occurs in China’s remote regions, where enforcement is lackadaisical.
In the meantime, a solitary Bitcoin miner defied extraordinary odds earlier this month by effectively mining an entire block and earning just under $350,000 in Bitcoin rewards.
Block 903883 was resolved by the miner, who employed a device that generated 2.3 petahashes per second (PH/s) while mining through the CKpool solo mining pool.
