Bitcoin mining company 360 Mining has raised nearly two and a half million dollars from a funding round it participated in.
The number of mining companies is increasing, although crypto mining is generating less profit compared to last year. Increasing adoption and use of the crypto industry is driving institutional companies to crypto mining. Bitcoin mining, the number one choice in this field, collects millions of dollars in investments. Powerful mining company Compute North rocked the market with its Chapter 11 bankruptcy. However, this event did not push back the companies that turned to Bitcoin mining. Seeing the opportunity in the crypto bear market, the miners began to store the Bitcoins they obtained from the excavation. Finally, Bitcoin miner 360 Mining joined the fund round for business development.
Bitcoin Miner 360 Mining Focused on Developing Workforce
Bitcoin miner 360 Mining has closed a new round of funding that includes Luxor and BT Growth Capital. This round provided the company with $2.25 million in support.
360 Mining will use these funds to increase its natural gas production and mining capacity. The mining company had raised $6 million in funding from its startup tour last year. The company decided to increase its production during this period when the largest mining companies went bankrupt.
360 Mining CEO Chris Alfano stated that with the new funds, there will be an eightfold increase in gas production.
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