Bitcoin Mining Firm VBit Banks $1.1 Million for Canadian Expansion

The new data center will generate up to 200 MW.

VBit DC, a cryptocurrency mining company, has raised $1.1 million in a seed funding round led by Golden Age.

Announced on Tuesday, the proceeds will be used in setting up a Bitcoin mining facility in Alberta, Canada, with a capacity of 200 megawatts (MW).

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According to the company, it will be “one of the largest data centers in the world dedicated solely to Bitcoin mining operations.”

The location was selected due to the availability of cheap electricity, which will allow the company to increase mining efficiency and “considerably” better ROI.

“Bitcoin mining has been opaque and seen as something ambiguous and murky for far too long. We are incredibly excited to offer something reachable, affordable, and efficient for a change that can make a real impact on peoples’ lives,” Danh Vo, founder and CEO of VBit Technologies, said.

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“We expect more people to join us as our new data center will make a change out there in terms of accessibility and clarity of ROI.”

Earning profits by cloud mining

Founded in 2018, VBit DC is a fully owned subsidiary of VBit Technologies and offers cryptocurrency mining packages to the general public. The announcement detailed that the company had a total of around 3,000 customers and ensured “exponential month over month” growth in their income.

“We are thrilled to have the support and capital needed to accelerate our growth further. So far, we’ve been proud of how much our customers gained, and now we’re taking this to the next level. I am not only talking about the quantity of the Bitcoin they mined but the feeling of security, a stable stream of passive income which has tremendous value, especially in times like this,” Vo added.

Meanwhile, the Bitcoin mining rewards are set to be halved in the next few days, trimming down the block-finding reward from 12.5 BTC to 6.25 BTC.

Other commercialized Bitcoin miners have also reported excellent figures recently showing the dominance of such operations over small miners.

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