Bitcoin mining firm VBit raises $1.1 million to open a new facility in Canada

Bitcoin mining firm VBit DC has raised $1.1 million in a seed funding round, which was led by angel investment fund Golden Age.

Announcing the news on Tuesday, VBit said it would use the fresh capital to set up a 200 MW (megawatt) bitcoin mining center in Alberta, Canada.

“The size of the center and access to inexpensive electricity will allow VBit DC to offer its customers increased mining efficiency and considerably better ROI [return on investment] than was previously possible,” said the firm.

VBit DC is a subsidiary of Philadelphia-based VBit Technologies, which offers mining packages to the general public since 2018. The firm claims to have helped around 3,000 customers earn passive income via mining. VBit said its user base is seeing “exponential” growth month-over-month across countries.

"We expect more people to join us as our new data center will make a change out there in terms of accessibility and clarity of ROI,” said Danh Vo, founder and CEO of VBit Technologies.

The news comes just days before the bitcoin halving, which will see the mining reward cut from 12.5 BTC to 6.25 BTC. The halving is expected to occur next week on May 12.

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