Bitcoin mining hardware firm Auradine has raised $80 million in its Series B funding round to improve capacity ahead of surging demand. In a recent statement, the company disclosed the results which drew participants including MVP Ventures, Maverick Capital StepStone Group, Marathon Digital, etc.
As a provider of Bitcoin mining and Artificial Intelligence (AI) hardware, Auradine seeks to leverage new funding to boost production capacity. According to the release, the company has shipped products to over 30 blockchain data centers leading to $80 million bookings and over $200 million in the pipeline.
Bitcoin Miners Scramble for Hardware
This funding round comes amid pressures from Bitcoin miners to improve capacity ahead of the halving event. The halving will slash the rewards of miners sprucing many firms to improve hashrate.
Plans towards the halving were seen two years ago even in the dominant bear market with miners trading in the red zone. Bitcoin miners resorted to several tactics including the sale of reserves and onboarding AI computing. The market rebound on inflows into spot Bitcoin ETFs kept miners in profit resulting in huge investments in computing hardware.
On-chain data also shows inflows of miner reserve to exchanges signaling sales toward improved hashrate. However, several crypto commentators flagged those transactions as a hedging strategy and not an outright sale. It was also reported that multiple Bitcoin mining firms are moving towards old US computing equipment.
Auradine Ramps Up Production
The firm noted its commitment to innovation and highlighted plans to scale up solutions in the market Rajiv Khemani, the co-founder and CEO of Auradine pointed to the innovation and advancement recorded in recent times.
“The strong orders and pipeline reflect the confidence our customers have in us. With this new funding, we will ramp up production capacity and accelerate investments in our product roadmaps.”
Navin Chaddha, the managing partner at Mayfield Fund also commended the firm’s capacity and orders adding, “We are delighted to support Auradine as it continues to pave the way in blockchain and AI infrastructure with impactful and sustainable solutions.”
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Read More: Bitcoin Mining Hardware Firm Auradine Raises $80 Million Amid Halving Demand