Gas-to-Bitcoin Mining Firm Crusoe Energy Systems Raises $505 Million – Mining Bitcoin News

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Gas-to-Bitcoin Mining Firm Crusoe Energy Systems Raises $505 Million – Mining Bitcoin News
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Crusoe Energy Systems Inc., a bitcoin mining and flare gas abatement company, revealed on Thursday that it has secured $505 million in new capital from strategic investors. According to the announcement, the Series C equity financing was led by climate technology venture capital firm G2 Venture Partners (G2VP).

Crusoe Energy Systems Receives $505 Million from Strategic Investor

Crusoe announced that the company has raised $505 million in new funding following reports that Crusoe Energy Systems is partnering with natural gas giant ExxonMobil on a gas-to-bitcoin mining pilot. Led by G2 Venture Partners (G2VP), the Series C round brings Crusoe’s total raised to $747.5 million.

The Series C round, announced Thursday, closed at $350 million, but Crusoe also secured a line of credit expandable to $155 million. Crusoe said the new capital will accelerate the company’s mission to “align the future of computing with the future of climate.”

In addition to G2VP, Valor Equity Partners, Lowercarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, MCJ Collective, Winklevoss Capital, Zigg Capital, DRW Venture Capital, Atreides Management, Exor Seeds, CMT Digital and Upper90 also participated. . Crusoe’s new investors include Robert Downey Jr.’s Footprint Coalition Ventures, Inclusive Capital Partners, Engine No. 1, Tao Capital, Felicis Ventures, Castle Island Ventures and Mitsui & Co.

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Crusoe’s data facility ‘stops an estimated 2.5 billion cubic feet of burn’

The Series C and credit facility will allow Crusoe to deploy large-scale bitcoin mining and cloud computing operations.The funding will also “promote [Crusoe’s] Digital flare mitigation in the U.S. and internationally,” the company said. Crusoe currently manages 86 digital flare mitigation facilities, which the company estimates have removed significant amounts of carbon from the atmosphere.

“[Crusoe’s] The data center has prevented approximately 2.5 billion cubic feet of flaring and achieved up to 99.89% elimination of methane emissions, which typically emit large amounts of unburned methane, a potent greenhouse gas captured within 20-20 hours The heat is 82.5 times that of carbon dioxide. year time frame. ” Ben Kortlang, a partner at G2 Venture Partners, said that eliminating carbon emissions can be very helpful in impacting climate change.

“Eliminating methane emissions from combustion is an immediately feasible and impactful step toward mitigating climate change. Crusoe’s technology converts stranded natural gas into a valuable computing resource,” Kortlang said in a statement. “After delving into flare reduction and modular data center technologies, we concluded that Crusoe is the clear leader in terms of scale, operational excellence, talent, vision and commitment to environmental standards.”

Meanwhile, Crusoe isn’t the only bitcoin mining and flare gas mitigation company. Other companies offering gas-to-bitcoin solutions include Greenidge Generation, Upstream Data, and EZ Blockchain. For example, EZ Blockchain revealed last May that it was working with Texas-based oil and gas supplier Silver Energy to develop a gas-to-bitcoin solution.

tags in this story

Ben Kortlang, Bitcoin Mining, Bitcoin Mining Data Centers, BTC Mining, BTC Mining Operations, Carbon, Climate Change, Crusoe Energy System, Crusoe’s Technology, EZ Blockchain, Flare, Flare Gas, flaring, G2 Venture Partners , Gas, Gas-to-Bitcoin Solutions, Greenidge Generation, Large Scale Bitcoin Mining, Upstream Data

What do you think of Crusoe Energy Systems raising $505 million from strategic investors? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

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