Firm behind world’s fastest Bitcoin miner raises another $80M

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Auradine, a tech startup specializing in web infrastructure and cryptocurrency mining hardware and software solutions, announced the successful completion of a series B funding round worth $80 million on April 10. 

Funding was joined by previous investors Celesta Capital, Mayfield Fund, and Marathon Digital and new investors StepStone Group, Top Tier Capital Partners, MVP Ventures, and Maverick Capital. Its previous funding round, completed in May of 2023, was led by Celesta Capital and Mayfield.

This series B round was overbooked, according to a press release, and nearly equaled its series A funding of $81 million. According to Auradine, the company also reached a milestone of $200 million in bookings. It’s unclear exactly what valuation the funds were raised at.

Rajiv Khemani, co-founder and CEO of Auradine, said in a statement that the funds would be used to increase production further:

“We are very proud of the advancements that our team has made in bringing innovative, energy-efficient, and secure products to our customers. The strong orders and pipeline reflect the confidence our customers have in us. With this new funding, we will ramp up production capacity and accelerate investments in our product roadmaps.”

Auradine’s products and services reportedly run the gamut from web infrastructure support for privacy, security, and artificial intelligence (AI) applications all the way to its “Teraflux” line of bitcoin miners purported to be the “world’s fastest and most energy efficient.”

Per company literature, Auradine’s AI3680 model miners are “capable of achieving an output of 0 to 375 TH/s, with an optimal efficiency of 15 J/TH.” For reference, Bitmain’s Antminer S21 Hydro, among the fastest miners currently in production, is rated at 335 TH/s.

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Auradine plans to ship two “Teraflux” ASIC miners in Q2 of 2024. The first is an air-cooled miner dubbed model AT2880 capable of achieving an output of 0 to 260 TH/s, with an optimal efficiency of 16 J/TH. The second is the aforementioned AI3680. According to the press release, over 30 “leading data-center-scale miners” have received Teraflux products so far.