, citing crypto winter, supply-chain issues and trouble dealing with its biggest lender.
“We weren't the only bitcoin mining company that was looking to raise, but our model was different [than others],” DaCosta said. “A lot of the headwinds that we were seeing in the capital markets actually made our investors more interested in our story,” she noted, adding that ACDC’S approach allowed the company to control mining power costs. .
ACDC’s use of renewable energy and ability to sell excess power back to the grid particularly attracted Polychain Capital. “We’re excited to partner with ACDC as they build out more long-term, fixed-cost renewable energy production to enable more predictable Bitcoin mining operations, while providing the flexibility to sell excess power opportunistically into volatile energy markets,” PolychainCapital founder Olaf Carlson-Wee, said.
The mining company didn’t disclose its valuation withthe new raise, but Da Costa said she is happy with the numbers, given the tough funding market. “What mattered to us was being able to raise funds to keep our project pipeline on track,” she said.
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