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Kevin O’Leary-Backed Bitzero Raises $25 Million to Scale Bitcoin Mining Infrastructure
In a significant development in the cryptocurrency sector, Bitzero, a crypto mining company backed by Shark Tank investor Kevin O’Leary, has secured an impressive $25 million funding to scale its Bitcoin mining infrastructure.
As part of this new endeavor, the company plans to deploy 2,900 Bitmain S21 Pro miners over the next four to six months. This deployment is expected to generate around $10 million in additional annual revenue for Bitzero, further solidifying its position as a leader in the industry.
It’s worth noting that Bitzero is unique in its approach by owning its mining infrastructure, including land, energy resources, and equipment. This strategy grants the company greater control over energy costs and long-term profitability, setting it apart from other miners who typically rent third-party facilities.
O’Leary, a well-known crypto enthusiast and Shark Tank investor, expressed his support for Bitcoin while criticizing Ethereum’s slow and inefficient transaction processing speed. In an interview with CoinDesk, O’Leary emphasized that “there are a lot of people who say they don’t need anything else; they’ll just buy bitcoin.” He also criticized Ethereum, stating it to be “slow” and “inefficient.”
With this substantial funding secured, Bitzero is well-positioned to capitalize on the increasing demand for clean energy solutions in the cryptocurrency sector.
Source: coinpedia.org
