Bitcoin mining company, Compute North, has announced that it has closed its next growth capital round of $25 million in debt financing and equity to expand capacity and enable further growth.
The company recently revealed that more than 47MW of inbound equipment was on its way from Digital Currency Group
The debt capital comes in the form of a senior secured loan from Post Road Group. Post Road Group is a privately held, US-based, investment group that focuses on private credit and private equity investments in telecommunications, media, technology, business services, and real estate.
Michael Bogdan, Managing Partner of Post Road Group, said: “Compute North has been a pioneer in the TIER 0™ data center market, serving as a next-generation solution for blockchain and high-performance computing.”
— Compute North (@computenorthllc) February 9, 2021
“We are excited to partner with Compute North and provide growth capital to help the company expand its operations and continue to offer efficient, scalable infrastructure services to its customers.”
With Bitcoin soaring to an impressive all-time high of $48,500, institutional interest among the asset class has soared. As a result, Compute North is seeking to expand in line with demand from its clients.
“We started Compute North because we saw a unique opportunity to bring together our data center and power expertise and offer our customers a better alternative. We have stood out by providing best in class service, fair and transparent pricing and operational excellence,” said Dave Perrill, CEO of Compute North. “This injection of capital allows the company to meet customer demand, innovate our services, and expand our great team.“
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