Auradine, a business specializing in Bitcoin mining and Artificial Intelligence (AI) technology hardware, has accomplished $80 million in funding during its Series B financing. Intending to expand production capabilities, this amount will help Auradine fulfill the escalating needs of Bitcoin miners.
At the funding event, well-known companies like MVP Ventures, Maverick Capital, StepStone Group, and Marathon Digital took part. They observed that Auradine had distributed their products to over 30 data centers powered by Blockchain technology. This has resulted in $80 million in confirmed sales and an additional $200 million in potential business deals for Auradine.
In simpler terms, the Bitcoin mining community is under pressure to expand and is frequently contemplating the upcoming halving, an event that will decrease the rewards given to miners for their work. Due to this, miners are continually seeking ways to maximize their profits by utilizing their computational resources more effectively.
Rajiv Khemani, the co-founder and CEO of Auradine, emphasized the company’s dedication to developing new ideas and expanding its offerings in the marketplace.
Navin Chaddha, managing partner at Mayfield Fund, expressed his satisfaction with Auradine’s capabilities and growing business, commenting, “We’re thrilled to back Auradine as they lead the charge in creating innovative and long-lasting blockchain and AI infrastructure solutions.”
With a successful funding round under its belt, the company is now primed to cater to the rising need of Bitcoin miners looking to enhance their hardware and expand their mining capabilities in preparation for the upcoming halving event.
Also read: Bitcoin Mining Profitability Post-Halving Relies On Price at $80,000
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2024-04-11 09:56