Bitzero, the crypto mining company supported by investor and TV personality Kevin O’Leary, has raised $25 million to accelerate the expansion of its mining infrastructure.
Key Takeaways:
Bitzero secured $25 million to expand its crypto mining operations with energy-efficient hardware. The company plans to deploy 2,900 miners, generating an estimated $10 million in annual revenue. Bitzero continues to position itself as a leader in sustainable mining.The fresh funding will go toward the purchase of 2,900 Bitmain S21 Pro miners, which are high-performance machines known for their energy efficiency, operating at 15 joules per terahash, the company announced Wednesday.
Bitzero said deployment is expected within four to six months and is projected to bring in approximately $10 million in additional annual revenue.
Bitzero Keeps Backers Under Wraps as It Scales Sustainable Crypto Mining
While the company did not disclose the investors behind the deal, it emphasized that the capital would help drive profitability and scale its operations in line with its sustainability mission.
Bitzero has positioned itself as a clean energy player in a sector frequently criticized for its environmental impact.
Its data center in Namsskogan, Norway, runs exclusively on hydropower, aligning with the company’s broader strategy to balance profitability with environmental and community interests.
“Our mission has always been to prove that Blockchain infrastructure can thrive in harmony with investors, communities, and the environment,” said Mohammed Bakhashwain, Bitzero’s President and CEO.
The mining firm’s presence in Europe has already demonstrated the potential of clean energy-driven mining.
With the latest funding round, Bitzero is aiming to further cement its role as a leader in sustainable crypto infrastructure — a narrative that’s gaining momentum amid the broader push for greener blockchain operations.
Chinese Roots Still Dominate Global Bitcoin Mining
As reported, over half of the world’s Bitcoin mining operations still trace their origins to China, with 55% to 65% of mining linked to Chinese capital, hardware, or expertise, according to Uminers CEO Batyr Hydyrov.
Despite China’s 2021 mining ban, key Chinese players have maintained influence by relocating operations overseas.
Major Chinese manufacturers Bitmain, Canaan, and MicroBT, responsible for 99% of Bitcoin mining hardware, have shifted production to the U.S. to avoid tariffs, helping boost America’s share of Bitcoin’s total hashrate from 4% in 2019 to 38% today.
Hydyrov added that former Chinese miners have often increased capacity after moving abroad, with some expanding by up to 150%, and noted that limited mining still persists within China’s remote regions where enforcement is lax.
Meanwhile, earlier this month, a solo Bitcoin miner defied extraordinary odds, successfully mining an entire block and earning just under $350,000 in Bitcoin rewards.
The miner, working through the CKpool solo mining pool, used a rig producing 2.3 petahashes per second (PH/s) to solve block 903883.
The post Kevin O’Leary-Backed Bitzero Raises $25M to Scale Crypto Mining Operations appeared first on Cryptonews.
