Kevin O'Leary-backed Bitzero secures $25 million in funding to expand crypto mining operations

Bitzero, a crypto mining firm backed by Kevin O'Leary, has secured $25 million in funding to expand its mining operations.

In a press release shared with The Block, Bitzero stated that it plans to utilize the initial portion of the funding to acquire 2,900 Bitmain S21 Pro miners. The company did not name the investors in its statement.

"Deployment of this high-efficiency hardware will be completed within four to six months, generating an estimated $10 million in additional annual revenue and driving Bitzero's market-leading breakeven point even lower," the company said.

The Vancouver-headquartered firm operates facilities in North America and Europe, "supporting high-performance compute and blockchain workloads using hydroelectric and low-carbon energy sources," it said in the statement. Last month, Bitzero announced the development of its four facilities in North Dakota, Norway and Finland.

"This new funding allows us to build on our success, accelerate deployment of best-in-class mining technology, and extend our leadership in sustainable, profitable data centers," said Mohammed Bakhashwain, president and CEO of Bitzero.