Giga Power, a bitcoin mining infrastructure startup centered on using wasted pure fuel as an influence supply, is elevating $10 million in Collection A funding.
The funding will assist the Texas-based startup broaden its operations within the U.S. and past, in keeping with a pitch deck obtained by The Block. Giga Power has beforehand raised $3.6 million in complete funding, per the deck.
A supply with direct information of the matter confirmed that Giga Power is elevating $10 million in Collection A funding and has beforehand raised $3.6 million in two rounds — $1.1 million pre-seed in August 2021 and $2.5 million seed in March 2022. Traders in these rounds included Magic Web Cash and Ten31.
Giga Power’s pre-money valuation on the time of the seed spherical was $30 million, the supply added.
Stranded flared fuel
Giga Power was based in 2019 by Matt Lohstroh and his pal and highschool classmate Brent Whitehead. The duo, each 20 on the time, come across surplus pure fuel as an influence supply to mine bitcoin. Later they ventured into the infrastructure house, manufacturing their very own pure fuel mills. As for its enterprise mannequin, Giga’s income comes from mining bitcoin in addition to promoting electrical energy, mills and rack house.
The startup made $4.6 million in complete income final 12 months, in keeping with the deck. That is an enormous leap from its 2021 income of $800,000 when it was solely mining bitcoin. Its income is rising at 50% quarter-on-quarter, in keeping with the deck.
Out of its focused $10 million elevate, Giga will use practically $6 million for manufacturing mills and the remaining for different bills, together with payroll, analysis and improvement and knowledge facilities, per the deck.
With anticipated recent capital in hand, Giga Power plans growth within the U.S. states of Mississippi, Utah, Ohio and North Dakota, in addition to internationally, together with Argentina, Ecuador, Bahrain, Egypt and the U.A.E. Giga Power at present has operations in Texas and Louisiana.
Giga Power declined to touch upon this story when contacted.
The bitcoin mining sector is seeing an elevated quantity of funding recently. Final month, crypto infrastructure firm Blockstream raised $125 million in convertible word and secured mortgage financing to broaden its bitcoin mining internet hosting providers. Earlier this week, crypto miner Pow.re secured a $9.2 million Collection A spherical and a separate $18 million strategic funding, whereas Bitcoin miner TeraWulf additionally raised $32 million from a public fairness providing.