Why we closed our Angel round, early.
A glimpse into how the business is flowing for Cyberian Mine, and what are our plans for the future.
Things are moving pretty fast for us here at Cyberian Mine.
When we launched our offering of preinstalled Antminer S9s to the public in May 2018, the interest from people wanting to mine with us was a little higher than even we had expected. To illustrate that, such demand let us drop our prices, at that time, from €1424 down to €1090 overnight!
Fast-forward a year, one thing remains the same: we continue to improve our processes to bring the best solutions to our clients: you can reserve our currently available machines here, and check on our current preinstalled options here.
We’re actually deep in our Seed Round right now, and will make some announcements soon.
It’s not just about the money…
Thanks to our early success, and the network of both our cofounders and Malcolm, our CMO, we found it pretty simple to raise the capital we felt we needed to move along in our roadmap.
We were able to be quite selective with our investors.
Burgers (some veggie) and Beer at Room77, the Bitcoin Cafe in Berlin.
We attracted a mix of cryptomining, governmental and startup experience to our board.
Personality, trustworthiness and willingness to support our small core team were other deciding factors in who we said yes to at this stage.
After spending a few days together in meetings, over food and in more “social” settings it felt like we had made very good choices for who we have brought into the mix.
How early is early?
We closed the round after we raised half the money we had initially sought.
This was due to a few factors. The most pressing was the success that we’ve had attracting customers to use our facilities in Siberia.
Whether it had been individual customers wanting to buy one to five machines at a time, or larger funds that were looking not only for the mining equipment and the cheap renewable electricity — but also looking to benefit from our experience with large numbers of machines, it had been a good few weeks of conversations, in-person meetings and sales.
Expanding the Cap Table with the help of a Notar. Smiles all round.
Why raise money at all?
All of which needed a physical infrastructure and a legal framework in place.
This takes time, and it takes money.
And the thing that takes the most money upfront, is filling our racks with preinstalled miners so that people can come to our site and start mining the same day.
Lunch at The Factory, Berlin’s Startup Hub …and our home.
Our long term goals are to be part of a wider ecosystem that allows for end to end fulfillment of large and small cryptomining investment. But for now, our priority is to have inexpensive and buyer-ready machines for as many customers as possible.
The Angel Investment that came from Waldemar, Tore and Øystein allowed us to speed up our purchasing cycle even further — which means more Antminers were ready for the public.
The game continues.
. . .