Blockmetrix secures $25M in debt financing from BankProv and CrossTower

Bitcoin mining startup Blockmetrix partners with BankProv and CrossTower to finance over $25 million in digital asset mining rigs

Blockmetrix, a fast-growing US Bitcoin mining company, announces its partnership with BankProv, a leading crypto-friendly commercial bank, and CrossTower, one of only six AA-grade cryptocurrency exchanges in the world. The partnership will supply Blockmetrix with a newly raised $20 million debt facility to purchase digital asset mining rigs. This is an upgrade from an initial $5 million USD financing deal in December 2021, rounding out a total of $25 million.

The current hashrate of Bitcoin hovers around 200 million terahashes per second on average – an over 200% increase from when Blockmetrix was incorporated in May 2021. This increase in global computer power on the Bitcoin network demonstrates the continued viability of Bitcoin mining. The company anticipates a hash rate in excess of 1EH by the end of the 2022

The growing partnership between Blockmetrix, BankProv, and CrossTower will be a driving force in the future of Bitcoin mining and cryptocurrency. Furthermore, the partnership will bolster Blockmetrix’s two-year growth mission to build and scale a process-efficient digital asset mining company. This mission is backed by asset-light business operations and a specialized management team with experience in taking companies to exit. 

“We are pleased to provide the needed debt capital to Blockmetrix, a growing leader in the digital asset mining space, to assist with the expansion of their rapidly growing mining operations,” said Dave Mansfield, BankProv CEO.

BankProv provides debt capital solutions to Bitcoin miners and other crypto-native companies through unique financing solutions. These facilities allow their partners access to traditional forms of capital, which helps them scale operations.

“We are thrilled to have the leaders in crypto-mining lending and cryptocurrency exchanges joining us to further our mission to scale our asset-lite operations with speed and bringing tangible results to our investors in a timely manner,” said Blockmetrix CEO, Nevin Bannister. “Deciding to partner with BankProv and CrossTower was a clear win-win situation for all parties involved, and we strive to honor this partnership for years to come.”

CrossTower’s mining offerings help individuals and institutions start or grow their digital asset mining operations while mitigating risk with cutting-edge solutions. 

“The mining industry is seeing rapid growth, and demand for solutions is increasing alongside it,” said Kristin Boggiano, President & Co-Founder at CrossTower. “We are excited to partner with Blockmetrix, which shows great potential in the digital asset mining space. With this deal, the CrossTower team will continue working with Blockmetrix to increase their operations via the partnership with BankProv. The partnership will expand both CrossTower’s and BankProv’s capabilities as leading providers of those solutions.”

To learn more about Blockmetrix, visit https://www.blockmetrix.com.