Spondoolies-Tech gets $5 million in Series B funding, aiming for 16 nm ASIC in 2015

Coindesk reports that Israel-based mining hardware maker Spondoolies-Tech has secured $5 million in Series B funding, bringing total investment to $11 million.

The round's main contributors were Agile Wings, BRM Group and Genesis Partners, as well as Angel investors Olivier Janssens and Eden Shochat.

The company develops mining equipment, including what it says is the most powerful miner in the world: the "SP35- Yukon Power", with a Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term of 6 TH/s.

The company will use the funding to develop its third, fourth and fifth generation ASICs and is looking to compete with the likes of BitFury. CEO Guy Corem said that he's aiming to reduce power consumption to 0.05 W/GHs, costing $0.03/GHs, by mid-2015. By then, he would like to power 30% of the network.

The target is to release one 28 nm and two 16 nm ASICs by the second half of 2015, which will cost a total of $7 million.

The investment comes as hardware firms look to make the most out of hashrate during an era of low Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term prices. KnCMiner is reportedly seeking up to $50 million in funding to develop new data centers and equipment, and command 20 percent of the market.

Corem offered his outlook for the industry at InSide Bitcoins Tel Aviv, where he reiterated that the industry will consolidate into a few big players over the next few years.

Corem also said that they are not interested in actively mining, instead creating a franchise model where Spondoolies supplies the know-how to its partnered clients.

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.