Cormint Data Systems, Inc. (“Cormint”), an emerging Bitcoin miner focused on mining Bitcoin at the lowest possible cost, announced today that it has successfully raised $29,000,000 in Series B equity. The raise was co-led by Cormint’s existing equity investors, Bitcoin lenders and the company’s President and CEO, Jamie McAvity. The successful Series B raise brings the total equity and Bitcoin denominated debt raised since the company’s inception to more than $80,000,000. Each of these equity rounds has delivered a strong price appreciation to prior investors, and the company’s share price has outperformed a Bitcoin return since its first priced equity round in 2020. “If a Bitcoin miner’s equity does not outperform a BTC return, that equity has no reason to exist. This philosophy is at the heart of our strategy at Cormint,” said McAvity.
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Cormint's Fort Stockton site (Photo: Business Wire)
Cormint recently passed 2EH/s and 75MW of proprietary Bitcoin mining load under management, and is fully funded to reach 130MW and 3.5 EH/s by fall 2024. Additionally, through the first half of 2024, the company is projecting realized “all-in” power costs of under 1.9c/KWh, putting themselves on pace to post record revenue and cost per KWh for 2024. Cormint has signed LOIs to negotiate transactions that would allow the company to develop an additional 225+ MW of power infrastructure through 2025, and the company has a goal of reaching 500MW under management by 2026.
“Throughout 2023-24 Cormint has amassed a strong balance sheet and built a scalable data center development process,” McAvity added. “We are seeking to partner with landowners, power plants and energy companies to enhance the value of their assets through Bitcoin mining in a manner that eliminates exposure to Bitcoin’s price volatility,” he continued, noting that “because of Bitcoin’s characteristics as a commodity, miners and partners of miners can fully hedge price risk and even be paid to do so due to contango market structure and put/call skews.”
Please note that this press release is for informational purposes only and it does not represent an offer to sell or the solicitation of an offer to buy any of Cormint’s securities.
This press release contains a number of forward-looking statements. Words such as “expect,” “will,” “working,” “plan” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements reflect Cormint’s current views with respect to, among other things, future events. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Cormint’s control. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to Cormint’s ability to deliver and execute on its strategic plans; Cormint’s ability to maintain free cash flows and increase its operating margins and other risks related to Bitcoin mining.
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