Compute North has raised $385 million to finance its new bitcoin mining data centers.
The equity part of the funding, worth $85 million, was co-led by Mercuria, a global energy and commodities trading company, and Generate Capital, an infrastructure investment firm. Other investors, including National Grid Partners, the venture arm of National Grid — one of the largest energy companies in the world — also joined the equity funding.
With fresh capital in hand, Minnesota-based Compute North plans to open new hosting facilities in the US, including in Nebraska, North Carolina, and Texas. Dave Perrill, founder and CEO of Compute North, declined to share how many new facilities the firm plans to open and what would be their total capacity but said there are several facilities at various stages of development.
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