A mining company in Denver, Colorado called Crusoe Energy has gotten its hands on $350 million through a new series C funding round led by G2 Venture Partners.
Crusoe Energy Just Built Up Its Financial Reserves
Crusoe Energy is famous for its ability to use wasted natural gas as power for mining bitcoin units. This is an argument that continues to arise in the crypto mining world. Can miners potentially use renewable energy to mine their assets so that the Earth is not put in any more danger?
CEO and co-founder of Crusoe Energy Chase Lochmiller explained in an interview:
The capital provided in this Series C financing unlocks Crusoe’s ability to execute on key elements of our vision. Specifically, it enables us to expand and diversify our energy sources, computing workloads and vertical integration.
The company is going to use the funds to potentially expand its “digital flare mitigation” technology throughout the globe and launch a new cloud-computing platform called Crusoe Cloud. All the high-powered computers on the platform will be powered by flare gas and other forms of renewable energy.
The move is garnering solid publicity in that there are multiple concerns permeating the space right now about how much bitcoin mining affects the planet’s atmosphere. There are several industry heads in recent years that have emerged to claim that they are worried about emissions stemming from bitcoin and crypto mining operations, and this has ultimately gotten in the way of the arena’s growth.
Last year, for example, South African billionaire and entrepreneur Elon Musk announced that traders could potentially buy electric Tesla vehicles with bitcoin. Just a few weeks later, however, he stated that this decision was being rescinded in that he was worried about the emissions being caused by mining operations. He said people could not buy cars with bitcoin until miners were willing to be more transparent about their sources.
Kevin O’Leary of “Shark Tank” fame also said he would not be buying any more crypto mined in China given the country did not utilize environmentally friendly extraction methods.
Valkyrie chief investment officer Steven McClurg explained:
If you’re utilizing energy that’s going to just go into waste anyway, you might as well use it.
This Will Help a Lot
Ben Kortlang – a partner at G2 Venture – expressed his enthusiasm for what Crusoe is doing, commenting in a statement:
This capital will enable Crusoe to deploy digital flare mitigation at greater scale, to use its solution to accelerate renewable energy deployment, and to continue innovating its industry-leading technology. After a deep dive into flare mitigation and modular data center technologies, we concluded that Crusoe is the clear leader in scale, operational excellence, talent, vision, and proven commitment to environmental standards.
Other companies that took part in the funding round included Valor Equity Partners, Winklevoss Capital, and Bain Capital Ventures.
