Under leadership from Cormint’s President, Jamie McAvity, and Silicon Laboratories Inc. (NASDAQ: SLAB) Chairman Nav Sooch, a successful capital raise was achieved with support from existing investors. Notable amongst these was Alessandro Piovaccari – former CTO of Silicon Labs – who joined not only as an investor but also as an advisor to Cormint.
Having issued BTC-denominated promissory notes in late 2022 and receiving capital from a Series A round, Cormint looks to rapidly expand its self-mining capacity at its flagship site in Fort Stockton to 2.4 EH by 2024. Cutting-edge innovation has been developed with their own immersion solution and power optimization software, allowing them to be one of North America’s most cost-efficient Bitcoin miners.
Jamie McAvity, President of Cormint, expressed his delight in response to the substantial backing from investors. Mr. McAvity has spearheaded the financing for Cormint shortly after a successful sale of Knock, Inc., which he ran prior to Cormint, to Realpage in 2022.
Heading into West Texas, our team of experts is ready to take on Pecos County and the challenge of creating one of the most efficient Bitcoin mining operations in North America. We have a great deal of confidence in our talents and are proud to call this area home. It’s time to go all in!
According to McAvity, Texas is undoubtedly the most ideal location for cryptocurrency miners. This is due to its clear-cut regulations which are designed to bolster the rapidly developing Bitcoin mining industry and promote energy efficiency while transitioning to renewable energy sources.
Since its foundation in 2018, Cormint has continually sought to extend its expertise across engineering, energy, and finance for sustainable growth. Under the leadership of four passionate co-founders – who are long-term believers in Bitcoin – their latest financial quarter saw a notable increase in operating free cash flow, with expectations that their margins will keep on improving as their business expands.
“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 industries. 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.”
