Crypto Miner Pow.re Raises $9.2M Series A to $150M

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Canadian crypto mining firm Pow.re announced on Thursday that it has closed a $9.2 million Series A round as well as an $18 million strategic investment.

The Series A valued the company at $150 million and was led by crypto asset management platform Haru Invest, with backing from digital asset trading firm Trinito as well as RFD Capital. The $18 million strategic investment came through Haru and will be used to fund the company’s expansion into Paraguay.

“We are grateful to our strategic partner and our investors for their support and belief in our abilities to execute.” Pow.re Group Chief Financial Officer Calvin Tay said in a statement. “This mandate will allow us to accelerate our growth and seize opportunities in the current market conditions.”

With its expansion into Paraguay, the miner said it will have over 500 Petahash per second (PH/s) of mining capacity this quarter.

Its operations in Paraguay will be powered by hydroelectricity. Pow.re also operates mining facilities in Wabush, Labrador, in northern Atlantic Canada, which also use hydroelectricity, as well as a facility near the St. Lawrence River in Quebec which uses wind power.

Recently, Blockstream, another Canadian mining company, raised $125 million to expand its bitcoin mining facilities and hosting services.

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