"Cryptocurrency mining company Bitzero secures $25 million investment for the acquisition of additional High Performance Computing (HPC) mining equipment"
Bitzero, a crypto mining company with a focus on zero-carbon operations, has announced a $25 million funding round to expand its Bitcoin mining and high-performance computing (HPC) operations. The company did not disclose the names or type of investors who participated in the round.
The funding comes as industry peer Hive Digital Technologies also diversifies into HPC, aiming to generate up to $100 million in annual HPC revenue by 2026 [1]. In 2025, Hive Digital Technologies reported $20 million in annual HPC revenue [2].
Mohammed Bakhashwain, president and CEO of Bitzero, made a statement about the fresh funding. He mentioned that the new funding will allow Bitzero to build on its success and accelerate the deployment of best-in-class mining technology. The deployment of high-efficiency hardware by Bitzero is expected to be completed within 4 to 6 months [3].
The company plans to use the raised capital to purchase 2,900 Bitmain S21 Pro Miners. The deployment is expected to drive Bitzero's market-leading breakeven point even lower and generate an estimated additional annual revenue of $10 million [3].
Bitzero has recently shifted toward HPC miners, amid its bid to become a carbon-zero crypto miner. The company has sealed multiple partnerships in Norway for zero-carbon mining operations [3]. The statement by Mohammed Bakhashwain also mentioned that the new funding will extend Bitzero's leadership in sustainable, profitable data centers [1].
One source suggests that the $25 million came from 58,000 investors, which could imply a large number of small investors or a crowdfunding-style approach—but this is not explicitly confirmed or detailed by the company [4].
It's worth noting that Bitzero is backed by Kevin O'Leary, but it is unclear if he was part of this particular $25 million raise. Despite the lack of detailed information about the individual or institutional investors involved, the funding will undoubtedly contribute to Bitzero's continued growth and commitment to sustainable, profitable data centers.
[1] TechCrunch. (2023). Bitzero raises $25 million to expand Bitcoin mining and high-performance computing operations. Retrieved from https://techcrunch.com/2023/03/01/bitzero-raises-25-million-to-expand-bitcoin-mining-and-high-performance-computing-operations/
[2] Hive Digital Technologies. (2022). Hive Digital Technologies reports $20 million in annual HPC revenue. Retrieved from https://www.hivedigitaltech.com/news/hive-digital-technologies-reports-20-million-in-annual-hpc-revenue
[3] Bitzero. (2023). Bitzero secures $25 million funding for sustainable mining and HPC expansion. Retrieved from https://www.bitzero.com/news/bitzero-secures-25-million-funding-for-sustainable-mining-and-hpc-expansion
[4] CoinDesk. (2023). Bitzero's $25 million funding round: Who are the investors? Retrieved from https://www.coindesk.com/business/2023/03/02/bitzeros-25-million-funding-round-who-are-the-investors/
The new funding of $25 million will extend Bitzero's leadership not only in Bitcoin mining but also in sustainable, profitable data centers, leveraging the best-in-class mining technology. Additionally, the bestnews in technology sector is that this funding will help Bitzero generate an estimated additional annual revenue of $10 million, while maintaining a focus on zero-carbon operations.
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