One of the biggest critiques of crypto is the energy consumption of digital assets. Bitcoin mining, the process by which computers solve complicated mathematical puzzles to keep the blockchain running, uses more energy than some small countries. Crusoe Energy is one of a handful of startups offering a greener alternative.
The Denver company, which powers bitcoin mining with a process that reduces carbon emissions, raised $350 million in Series C funding earlier this month at a $1.75 billion post-money valuation, The Information is first to report. California-based G2 Venture Partners, which invests in sustainable energy startups, led the round. Among the repeat investors who also participated: Bain Capital Ventures, Polychain Capital and Winklevoss Capital. That valuation is the company’s equity value, and does not include a $155 million credit facility Crusoe secured from SVB Capital, Generate Capital and Sparkfund.