Compute North, the U.S.-based bitcoin mining infrastructure provider, has raised $25 million to expand operations.
The new funding is in the form of both equity and debt, at $10 million and $15 million, respectively, Compute North CEO Dave Perrill told The Block.
The debt capital is a secured loan from Post Road Group, a privately held, U.S.-based investment group. The equity round came from family offices, strategic partners, and industry leaders, said Compute North.
With fresh capital at hand, the firm looks to expand its operations and team. "Projects are already underway for expansion at our current facilities, with more details coming in the next week, as well as new facility development," Perrill told The Block.
With the upcoming development, Compute North expects to nearly double its capacity from over 920 Peta hashes per second (PH/s) to about 1,840 PH/s.
This is the first external funding round of Compute North, Perrill told The Block. The firm was privately funded to date.