A Chicago bitcoin mining firm just raised $25 million in funding to expand its mining operations.
Blockware Mining, a Chicago bitcoin mining firm led by President and CEO Michael Stoltzner, said it will use the funds to scale its mining business with a new facility in Kentucky, where it announced earlier this month plans to invest $50 million and hire 20 new employees over the next 24 - 36 months in a new technology center in Paducah, KY.
The startup, founded in 2019, has raised $32 million to date.
Blockware says it purchased 14,000 bitcoin mining rigs in the second quarter of 2021, 8,000 of which will be used to scale the company’s operations in Kentucky, the company said. The startup both mines its own bitcoin and operates as a mining rig reseller.
Stoltzner previously co-founded Futrex Trading, a trading firm founded in 1985 and grew to over 150 employees.
The price of bitcoin has fluctuated greatly in 2021. Bitcoin was trading under $35,000 Wednesday, down almost 41% since April. The cryptocurrency hit a record $64,801 earlier this spring.
