Crypto Miner Pow.re Raises $9.2M Series And A $18 Million Strategic Investment

Key Points:

• The Series A valued Pow.re at $150 million and was led by crypto asset management platform Haru Invest, with participation from digital assets trading startup Trinito and RFD Capital.
• The miner expects to have more than 500 petahash per second (PH/s) of mining capacity this quarter.

According to CoinDesk, Pow.re, a Canadian crypto miner firm, announced on Thursday the completion of a $9.2 million Series A round as well as a $18 million strategic investment.

The Series A valued the company at $150 million and was led by crypto asset management platform Haru Invest, with participation from digital assets trading startup Trinito and RFD Capital. Haru provided the $18 million strategic investment, which will be utilized to fund the company’s growth in Paraguay.

With its development in Paraguay, the miner expects to have more than 500 Petahash per second (PH/s) of mining capacity this quarter.

We are grateful to our strategic partner and investors for their support and conviction in our execution capabilities. This mandate will enable us to accelerate our growth and capitalize on opportunities in current market conditions.

said Calvin Tay, Pow.re’s Group CFO, in a statement.

Hydroelectricity will power its operations in Paraguay. Pow.re also operates hydropower-powered mining facilities in Wabush, Labrador, in northern Atlantic Canada, as well as a wind-powered site near Quebec’s St. Lawrence River.

On the same day, Coincu reported Archimedes, a decentralized lending and borrowing mechanism centred on leverage, has raised $4.9 million in preliminary funding.

Archimedes said on Wednesday that Hack VC led the investment, with Uncorrelated Ventures, Truffle Ventures, Haven VC, and others also participating. It has now raised $7.3 million in total, including a $2.4 million pre-seed round led by Shima Capital in March of last year.

Previously, another Canadian mining company Blockstream, an encryption infrastructure firm, has raised $125 million in convertible notes and secured loan funding, which will be used to grow its institutional Bitcoin mining hosting services.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News