Auradine Raises $153 Million During Mining Crisis

The US company Auradine has completed a funding round involving divisions of Samsung, Qualcomm and the largest US miner, MARA.

The US mining equipment manufacturer, Auradine, has raised $153 million by completing a Series C funding round. The fundraising took place at a difficult time for Chinese suppliers, which occupy a large share of the market, due to the tariffs imposed by former US president, Donald Trump.

Auradine's investors include the Samsung Catalyst Fund, Qualcomm Ventures and MARA Holdings (the leading US miner). According to the report, with this latest round, the total capital raised by Auradine exceeded $300 million.

Auradine, based in California, was founded in 2022 by a team of entrepreneurs and technologists from companies such as Palo Alto Networks, Marvell, Intel, Google and Wells Fargo, according to the company's official website. In March, Auradine unveiled a new liquid-cooled miner, the Teraflux AH3880, with a claimed high power output of 450 to 600 Th/s (terahash per second) and an energy efficiency of 14.5 to 16.5 J/Th (joules per terahash).

Currently, the United States leads the world in mining volume, but most of the equipment comes from China and Southeast Asia. However, Trump's tariff policy has disrupted supply chains.

US miners seeking local alternatives while auradine records a surge in demand and expands operations

The US miners have begun looking for local alternatives. Auradine has observed a rapid increase in the volume of orders and points out that its solutions help miners reduce geopolitical risks.

"We are seeing a growing interest from customers who in the past said they were happy to buy everything from Chinese suppliers. From a miner's perspective, it's really important to have a diversity of suppliers to mitigate risks related to geopolitical events," Auradine's co-founder and CEO, Rajeev Hemani, told Bloomberg.

The company said it will use the funds raised to expand its product line. Auradine also announced the creation of a new business group, AuraLinks AI, specialising in network solutions for bandwidth and data centre cooling.

In the meantime, Asian companies are trying to adapt to the new market situation. Hardware supplier Bitdeer, based in Singapore, is preparing to start production in the United States in the second half of this year. The world's largest producer of mining hardware, China-based Bitmain Technologies, already announced the start-up of a production line in the US last year.