Mining Software Startup HashRabbit Gets $500K in Funding

CoinDesk reports that mining software startup HashRabbit has secured $500k in funding from Tim Draper’s Draper Associates and VegasTechFund. The startup was

CoinDesk reports that mining software startup HashRabbit has secured $500k in funding from Tim Draper’s Draper Associates and VegasTechFund.

The startup was born when founder Chris Shepherd was running his own mining rig out of his garage in 2013. He encountered problems keeping his equipment constantly operational, observing that he was losing money every moment it was running without hashing.

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Together with his partner Gabe Evans, they realized that the code in most mining software had room for improvement.

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One of the major issues faced by mining pools is security. It is not easy to patch a miner even once a security flaw has been discovered. Their solution aims to update the software as soon as a patch is required.

Another use case is for operational management. Mining operations can be highly labor intensive. If a machine fails or overheats, physical manpower is needed to manually tend to it. The software thus can be adapted to manage a unit’s power cycle and control the settings of multiple units from a single source.

The startup is looking to work directly with hardware manufacturers, which are typically more concerned with hardware. They have reportedly developed a relationship with Spondoolies-Tech, an Israel-based hardware manufacturer, among others.

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

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