360 Mining raises financing for natural gas production and capacity expansion
360 Mining has entered the capital market to raise investment for business development projects. A new round has already taken place. It raised $2.25 million, which will be used to expand the company’s capacity.
The previous round of financing was in the fall of 2021. The number of funds raised then reached $6 million. Despite the crisis in the industry, the company intends to look for new sources of energy and increase the volume of cryptocurrency mining. According to CEO Chris Alfano, the investment will help increase gas production and raise the hashrate from 45 Ph/s to 90 Ph/s by the end of the first quarter.
Next, we plan to apply a similar model on a larger scale, along with the use of gas assets to be acquired in 2023.
Chris Alfano believes that having a baseline energy resource will protect the company in “turbulent markets”.
For now, securing access to cheap energy is a strategic move for mining companies. First of all, it is associated with rising energy prices, which can make the work of miners inefficient. However, this is not all. With the help of such sources, companies can generate income from areas that are not related to cryptocurrency mining. For example, in the case of 360 Mining, it can be the sale of gas or electricity itself.
