Crypto and HPC data center firm Bitzero has secured new funding to buy Bitcoin miners.

The company this week announced it has secured $25 million in funding for its mining operations.

The first drawdown of the funding will be allocated to the purchase of 2,900 Bitmain S21 Pro miners, with hardware deployment set to be completed within four to six months.

The mining rigs are estimated to generate an estimated $10m in annual revenue.

“Our mission has always been to prove that Blockchain infrastructure can thrive in harmony with investors, communities, and the environment,” said Bitzero’s president and CEO, Mohammed Bakhashwain. “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.”

Headquartered in Canada and backed by Shark Tank’s Kevin O’Leary, Bitzero has two sites live and two in development across North America and Europe.

The company has two sites in Norway; a 50,000 sqm (538,195 sq ft) site in Namsskogan currently offering 40MW with potential to reach 315MW, and an 8,000 sqm (86,110 sq ft) leased site in Røyrvik that has 5MW available now and is expandable to 20MW.

In Finland, the company recently acquired a 971,500 sqm (10.4 million sq ft) plot near Pori that it says has 10MW available now, 40MW available near-term, and 1GW available long-term.

In North Dakota, US, the company purchased a former missile base, the Stanley R. Mickelsen Safeguard Complex at Nekoma, commonly known as “The Pyramid,” in 2022, and now runs a 2.5MW data center on the site, with 30MW of capacity “prepped for rapid deployment.” The 184-acre site could eventually offer up to 300MW, and Bitzero believes it is ideal “for hyperscale compute and sensitive data storage.”

O’Leary, the investor also known as Mr. Wonderful, following his appearances on the US TV show Shark Tank, has been involved with Bitzero for a number of years, and said: “I invested in Bitzero because they’re setting a new standard for how data centers should operate in the blockchain and AI era. Last year, O’Leary announced he was backing a large off-grid power and data center project in Alberta, Canada.

Based in North Dakota, Bitzero had previously been planning a data center in Montana, but there is no mention of this project on its website.