Okay, there is good news and there is even better news. Shall we relay the good news first?
The good news is that another bitcoin company has managed to raise a substantial amount of money, which it will likely use to grow and expand over the next quarter. The even better news is the fact that despite massive fluctuations in price, the recent attacks and hackings (the most recent involving Coinbase) and the overall level of doubt surrounding the digital currency, bitcoin is continuing to make a name for itself and pave its way through the crowds with a loyal group of followers behind it.
Two days ago, we reported on Bonafide.io raising $850,000 in a special funding round. Yesterday, we saw a similar scenario with Neucoin, and today it is HashRabbit, a bitcoin software startup that has managed to accumulate half a million (yes ladies and gentlemen, $500,000) in funds which it is allegedly planning to put towards its mining operations.
Investment funds came from the likes of venture capitalist Tim Draper, who’s presence is well-known in the bitcoin community and from VegasTechFund, an investment firm run by Tony Hseih, the found of shoe company Zappos (shoes and bitcoin; what a perfect combo). The company has also partnered with mining hardware manufacturer Spondoolies-Tech.
HashRabbit is looking to make its software suite available to all bitcoin miners. Company CEO Chris Shepherd explains:
“We make software for bitcoin miners. What that means is we are essentially the firmware that actually runs on the bitcoin miner itself… Every minute, every second this thing is not hashing, not getting credit, you’re losing money.”
The company is also likely to allow for more advanced cloud-mining capabilities later down the line.