The bitcoin mining infrastructure firm North Compute, that provides equipment hosting services within its data centers, has raised $385 million in equity and debt funding. The equity part of the funding, worth $85 million, was co-led by Mercuria, global energy and commodities trading company, and Generate Capital, an infrastructure investment firm. Other investors, including National Grid Partners, the venture arm of National Grid.     

Generate Capital also provided the debt portion of the funding.

The debt portion of the funding, some $300 million, was also provided by Generate Capital. Compute North calls the equity part of the funding its Series C round and the overall funding as a growth capital round. With fresh capital in hand, Minnesota-based Compute North plans to open new hosting facilities in the US, including in Nebraska, North Carolina, and Texas. Dave Perrill, founder, and CEO of Compute North, declined to share how many new facilities the firm plans to open and what would be their total capacity but said there are several facilities at various stages of development.     

Compute North claims that its mining facilities are more energy-efficient.

The latest funding for Compute North comes amid the US’s rising share in the bitcoin mining market. The country is now the largest contributor to the Bitcoin hash rate after China’s mining crackdown last year, with a 35% share. Perrill said there is “unprecedented demand” for computing infrastructure with a focus on sustainability, and Compute North wants to be at the forefront of leading that transition. “This new round of funding will enable us to execute on that plan and innovate through 2022 and beyond,” he added. The firm’s total funding to date is unknown. Last year around this time, the firm raised $25 million in equity and debt financing.