The mining company based in Montreal specializes in working from regions with stranded electricity.
Pow.re, a Canadian cryptocurrency mining business, announced Thursday the completion of a $9.2 million Series A round and an $18 million strategic investment.
The $150 million Series A round was headed by crypto asset management platform Haru Invest, with participation from digital assets trading startup Trinito and RFD Capital. Haru provided the $18 million strategic investment, which will be utilized to fund the company’s growth in Paraguay.
“We appreciate our strategic partner and investors for their support and belief in our execution skills,” said Calvin Tay, Group CFO of Pow.re, in a statement. “With this mandate, we will be able to accelerate our expansion and capitalize on existing market possibilities.”
With its development in Paraguay, the miner expects more than 500 petahash per second (PH/s) of mining capacity this quarter.
Hydroelectricity will power its activities in Paraguay. Pow.re also runs hydropower-powered mining operations in Wabush, Labrador, in northern Atlantic Canada, as well as a wind-powered site near Quebec’s St. Lawrence River.
Another Canadian mining startup, Blockstream, recently secured $125 million to expand its bitcoin mining operations and hosting services.