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Pow.re, a Canadian cryptocurrency mining business, announced on Thursday the completion of a $9.2 million Series A round as well as a $18 million strategic investment.
The $150 million Series A round was headed by crypto asset management platform Haru Invest, with participation from digital assets trading startup Trinito and RFD Capital. Haru provided the $18 million strategic investment, which will be utilized to fund the company’s growth into Paraguay.
With its development in Paraguay, the miner expects to have more than 500 Petahash per second (PH/s) of mining capacity this quarter.
Hydroelectricity will power its activities in Paraguay. Pow.re also runs hydropower-powered mining operations in Wabush, Labrador, in northern Atlantic Canada, as well as a wind-powered site near Quebec’s St. Lawrence River.
In a statement, Calvin Tay, Pow.re’s Group CFO, said:
“We are grateful to our strategic partner and investors for their support and conviction in our execution capabilities. This mandate will enable us to accelerate our growth and capitalize on opportunities in current market conditions.”