Cormint raises $30,000,000 Series A and 400 BTC in Bitcoin debt to scale West Texas Bitcoin mine

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05/16/2023 - 09:00 AM

FORT STOCKTON, Texas--(BUSINESS WIRE)-- Cormint Data Systems, Inc. (“Cormint”), an emerging Bitcoin miner focused on mining low-cost Bitcoin at scale while supporting a reliable and renewable power grid, announced today that it has successfully raised $30,000,000 in Series A equity. The raise was co-led by its President, Jamie McAvity, and Silicon Laboratories, Inc's (“Silicon Labs”) (NASDAQ: SLAB) Chairman Nav Sooch, with strong participation from existing investors. Silicon Labs former CTO, Alessandro Piovaccari, also joined the round alongside Mr. Sooch, becoming advisors to Cormint as well as investors.

Aerial view of Cormint's Fort Stockton flagship Bitcoin mine (Photo: Business Wire)

The capital from the Series A round adds to the capital raised through BTC denominated promissory notes issued in late 2022 and allows Cormint to rapidly expand its footprint at its flagship site in Fort Stockton towards its goal of 2.4 EH of self-mining capacity by the end of 2024. Cormint continues to innovate with its own proprietary immersion solution and power optimization software and expects to be amongst the lowest cost Bitcoin miners in North America.

"We are thrilled to have received such strong support from our investors," said Jamie McAvity, Cormint’s President. McAvity has personally led the equity and debt rounds into Cormint on the heels of a successful exit of his previous SaaS business, Knock, Inc to Texas-based Realpage in 2022. “I am going all in on Bitcoin mining in West Texas. Pecos County is our home and we are proud to be here. We have assembled one of the most talented teams in the industry with a mission to become the most efficient mining company in North America. In my view, Texas is the best place to be a Bitcoin miner, having set the playing field with transparent and fair regulation for the fast growing Bitcoin mining industry that is proven to be supportive of grid stability and the renewable energy transition,” said McAvity.

Cormint believes its prowess in engineering, energy and financial management position it to achieve sustainable growth and deliver outstanding returns to investors throughout economic cycles. Cormint was founded in 2018 and is led by four committed co-founders who are long-time devoted Bitcoiners. Through its most recent financial quarter, Cormint delivered operating free cash flow and expects its operating margins to continue to improve for the foreseeable future as the business scales.

"West Texas has set the standard for the electricity grid of the future. With 87% renewable energy installed and a fast growing Bitcoin mining sector, the region highlights its continued commitment to supporting new industry," added McAvity. "With this new funding, we are well-positioned to take advantage of the many opportunities that lie ahead for companies like ours who are capable of delivering best-in-class cost of production."

For more information, please visit Our Website, see us at Bitcoin Miami 23, or contact us: investors@cormint.com

Please note that this press release is for informational purposes only and it does not represent an offer to sell or the solicitation of an offer to buy any of Cormint’s securities.

This press release contains a number of forward-looking statements. Words such as “expect,” “will,” “working,” “plan” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements reflect Cormint’s current views with respect to, among other things, future events. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Cormint’s control. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to Cormint’s ability to deliver and execute on its strategic plans; Cormint’s ability to maintain free cash flows and increase its operating margins; and other risks related to Bitcoin mining.