Startup Fabric Systems has raised $13 million.
Startup Fabric Systems reports that it has developed a new type of power-saving miner. It belongs to the existing line of liquid-cooled miners, but their development has an energy efficiency of 20W/Th, which is significantly more advanced than most other types of mining equipment.
Immersive liquid cooling systems are known to be used on an industrial scale in their mining farms by such public companies in the U.S. as Argo and Riot Blockchain, which have such sites located in the U.S. state of Texas.
The innovative development has received financial approval from a number of investors, resulting in Fabric Systems raising a total of $13 million, including from Skype co-founder Jean Tallin’s investment vehicle, as well as funds from bitcoin mining company TeraWulf. In addition, Blockchain.com and 8090 Partners participated in the investment round.
How high the energy efficiency (20W/Th) of the new development is, you can understand from the classification of mining machines, developed by the mining company Luxor: the least effective category includes machines with 68W/Th and higher, in the middle – miners with from 38 to 68 W/Th, and the most advanced generation machines have less than 38 W/Th.
Fabric Systems is expected to go into mass production of the new type of bitcoin miner and begin shipping the first batches in Q3 2023. The startup noted that they have been working on this model since 2019, conducting various tests. It’s worth noting that Fabric Systems co-founder Sagar Reddy has 22 years of experience in semiconductor development.
The development by Fabric Systems, in a situation where the U.S. has imposed, since October, a ban on the export of semiconductor technologies and goods and some other innovative products to China, shows that the mining industry, not only in the United States itself, but also in other regions of the world can become a center of attraction of innovative activity and development of modern technologies, whose application can go far beyond the bitcoin mining industry itself.
Thus, the development of bitcoin mining as a tool for innovative developments in the technological sphere will be of strategic importance for those countries that face competition with the United States, burdened by Washington’s sanctions against a number of competitors.