- ACDC announced the raising of $8 million in Series A funding.
- The program was organized by Galaxy digital and Polychain Capital.
- The funding aims at supporting their second Texas mining facility.
Asper Creek Digital Corp (ACDC), a new solar-powered bitcoin miner, raised $8 million in Series A funding organized by Galaxy Digital, the crypto financial services company, and Polychain Capital, a blockchain investment firm. The funding will support their second Texas mining facility.
Alexandra DaCosta, CEO of ACDC, announced the following regarding the financing round and the funding:
ACDC was founded to create a sustainable source of renewable energy to power our operations and put new renewable energy on the grid. This funding will support our 3GW+ pipeline of wind, solar, and battery generation by 2025 and support innovative solutions to build the world’s leading fleet of renewably powered data centers.
It had been noted that the bitcoin miners struggled to survive the bear market caused by macroeconomic uncertainty, which led to narrowing profit margins and a spike in energy costs.
Amanda Fabiano, the head of mining at Galaxy Digital, explained how the miners’ requirements were not fulfilled:
I think in the next six months or so, we’ll probably see some M&A activity happen because some miners who got in the sector during the peak are just not going to be able to meet their requirements.
In addition, many miners were moving back from the capital-intensive crypto business, making it difficult to raise capital. However, ACDC succeeded in funding by the “power first” approach. The company secured power and infrastructure prior to the search for capital. DaCosta commented that ACDC’s approach helped the company to attain and control the mining power cost. She added that though they weren’t the only bitcoin mining company, their strategy and model were different, which contributed to their success.