Blockware raised $25M in a second oversubscribed round to expand bitcoin mining operations in Kentucky. The mining company plans to use the funds to expand their bitcoin mining operations in Kentucky. Additionally, they will install 8,000 more bitcoin mining rigs on its Paducah campus.
The company has already purchased the necessary rigs, and 6,000 more that it has slotted for resale operations to other miners. Funds from previous seed rounds paid for the purchase of all 14,000 rigs.
Blockware CEO, Michael Stoltzner, said earlier: “Obviously, for bitcoin mining your power usage is a large percentage of your operating costs. So we were looking for a location that gave us favorable power rates and on top of that to acquire land that was in good proximity to a substation.”