Trento-based Alps Blockchain, a leader in producing computing power for digital mining, has announced securing €105 million in investment from Azimut. This funding was facilitated through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle, and involves a 5-year guaranteed bond with an option for early redemption by Alps Blockchain.
The substantial investment will enable Alps Blockchain to support its growth and international expansion efforts. The company plans to strengthen its current operations and explore new markets to enhance its global presence. The funding aligns with Alps Blockchain’s impressive financial trajectory, having increased its revenues from €697,000 in 2020 to €43.6 million in 2023, marking around a 140% increase compared to the previous year.
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Expanding Computing Power for Sustainable Mining
Founded in 2018 by Francesco Buffa, the firm specializes in producing computing power for digital mining. The company has quintupled its number of mining machines from 2,500 to over 15,000 in the past three years, achieving a total energy capacity of 50 MW and more than 2 EH/s (exahash per second) of computing power by June 2024. The new funds will allow Alps Blockchain to quadruple its production capacity by the first quarter of 2025.
Commitment to Sustainable Energy Solutions
The Startup from Italy focuses on integrating blockchain and mining with the energy sector’s needs, creating shared value and fostering mutual growth. The company has operations in countries like Paraguay and Ecuador, utilizing hydroelectric power for its mining farms. This commitment extends to exploring new energy sources and projects to promote the energy transition.
Francesca Failoni, CFO of Alps Blockchain, stated: “This investment will allow us to enhance our contribution to the blockchain ecosystem, supporting sustainable projects and increasing our production capacity significantly.”
Strategic Investment from Azimut
Azimut is a global group specializing in asset management, wealth management, investment banking, and fintech. Giorgio Medda, CEO and Global Head of Asset Management & Fintech at Azimut, commented: “We are thrilled to deepen our relationship with Alps Blockchain. This investment is part of our broader commitment to promoting a global and sustainable energy transition through innovative private market solutions.”
With this substantial investment, the company is poised to drive significant advancements in digital mining and energy transition, reinforcing its role as a key player in the global blockchain ecosystem.
