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Business Description
Cormint Data Systems, founded in 2018 and headquartered in Fort Stockton, West Texas, designs, builds, and operates Bitcoin mining data centers across two Texas sites, with 130 MW operational and 58 MW under construction as of mid-2025.
The company's primary facility in Fort Stockton spans 814 acres anchored by a company-owned 130 MW substation, which powered a scale-up from 1.5 EH/s in early 2024 to a nameplate 3.2 EH/s by year-end 2024. In early 2025, Cormint acquired Project Bobcat, a 77-acre greenfield site in South Texas carrying 58 MW of approved interconnection capacity, with first-load energization targeted for Q1 2026. The company has identified a 512 MW development pipeline and is targeting 500 MW total under management by the end of 2026.
Cormint achieved a full-year 2024 average power price of 2.3¢/kWh (Q4 2024 reached 1.8¢/kWh) and sustained 2.3¢/kWh in Q2 2025 with a 59% gross margin. MinerMag ranked Cormint the lowest-cost Bitcoin producer in six of the eight quarters through year-end 2024; CoinShares also referenced the company in North American mining cost benchmarking. For full-year 2024, Cormint mined 496 BTC, generated $32.7 million in revenue, and posted $13.9 million in mining operating profit at a 44% margin, closing the year with 822 BTC on its balance sheet. In Q1 2025 the company mined 101 BTC; in Q2 2025 it mined 95 BTC on revenue of $10.5 million (including a $1.1 million non-BTC contribution from Dogecoin operations), with the balance sheet holding 306 BTC at quarter-end.
Since inception, Cormint has raised more than $80 million in combined equity and Bitcoin-denominated debt. The capital includes approximately 400 BTC ($10.8 million) in promissory notes in late 2022, a $30 million Series A in May 2023 co-led by CEO Jamie McAvity and Silicon Laboratories Chairman Nav Sooch, and a $29 million Series B in July 2024 co-led by McAvity and existing equity investors. Cormint separately issued 947 BTC in Bitcoin-denominated venture debt and returned 650 BTC to lenders in January 2025.
Cormint has commercialized its data center engineering through the Cormint AIR product: patented prefabricated modular units integrating transformers, power distribution, cooling, monitoring, and racking, capable of reaching operational status within six months of blueprint. In February 2026, Soluna Holdings executed an equipment supply agreement with Cormint for eight modular units supporting a 12 MW deployment at Project Kati 1, a wind-powered Bitcoin mining campus in Willacy County, Texas. Management has flagged power generation development and infrastructure productization as the two primary growth initiatives expected to contribute revenue in early 2026.
