NEW: Bitcoin miner CrusoeEnergy, which uses wasted natural gas to power mining rigs, raised a total of $505 million to fund major expansion plans. Aoyon_A reports
, the company that pioneered bitcoin mining by using wasted natural gas as a power source, raised $505 million in a new funding round to expand its operations throughout the U.S. and internationally.
The Denver, Colorado-based miner raised $350 million in a Series C equity offering led by climate technology venture capital firm G2 Venture Partners, according to a statement. Crusoe also closed credit facilities, expandable to up to $155 million, with SVB Capital, Sparkfund and Generate Capital. “The capital provided in this Series C financing unlocks Crusoe’s ability to execute on key elements of our vision, specifically it enables us to expand and diversify our energy sources, computing workloads and vertical integration,” said Chase Lochmiller, CEO and co-founder of Crusoe Energy.
The company will use the new funds to expand its “Digital Flare Mitigation” technology across the U.S. and internationally, as well as launch a new cloud computing platform, called CrusoeCloud, where energy-intensive High-Performance Computing systems will be powered by flare gas and renewable energy sources. CrusoeCloud will be launched publicly later this year, Lochmiller said.by the World Bank’s Global Gas Flaring Reduction Initiative report, has several mobile sites across the U.S.
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