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Cryptocurrency mining firm Coinmine has scored $2.5 million seed round investment, led by investment company M13.
As per a blog post on August 15, the fund will be used to accelerate its mission, including supporting Bitcoin and other decentralized information protocols. Coinmine believes that simplifying the decentralization of the computation needs of a digital work will "help realize the promise of Bitcoin and a world where information and value aren’t controlled by the few.
“We’re excited to work with the team at M13 not only because of their experience in cloud computing at Digital Ocean, but also because, like all our new and existing investors, they have a daring vision of the future and wat to support the teams that are building that future,” the company said.
Gumi Crypto, Republic Labs, Canaan Labs, and Shervin Pishevar also participated in the fundraising.
Meanwhile, Coinmine revealed it will also continue to expand its available cryptocurrencies, ship out “over-the-air” updates such as improved hash power and energy efficiency, and add new services like earning interest for cryptos.
Citing a company representative, CoinDesk reported the company plans to hire more engineers to expand its team.
“[T]his latest round of financing will help us accelerate our mission of getting more people to experience how easy it is to earn Bitcoin and other cryptocurrencies,” CEO Farbood Nivi told the news outlet.
It also noted that the financing comes amid the company experiencing a 50% monthly growth since April. The spokesperson admitted that although Coinmine can be cash positive if it wants to, it plans to reinvest its incomes and conduct the seed financing to grow its business instead.
Coinmine, known for its plug-and-play mining device Coinmine One, also raised $2 million last November 2018. Its mining devices allow customers to mine a host of cryptocurrencies such as bitcoin, ether, and zcash. Based on its internal metrics, around 10% of customers have purchased two or more of these devices, and less than 4% of devices are returned.
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