Sangha Labs Secures $14M Equity Raise to Build New Bitcoin Mining Facility in West Texas

The West Texas facility is poised to begin operations in Q3 of 2025, and will be built on a 5.5-acre plot of land that has housed a working solar energy site for several years.

Crypto mining company Sangha has secured a $14 million equity raise that will be used to fund the development of a new West Texas mining facility.

The facility is poised to begin operations in Q3 of 2025, and will be built on a 5.5-acre plot of land that has housed a working solar energy site for several years. Further details weren't shared.

The company's model also enables accredited investors to invest directly into these sites and receive payouts in the form of cryptocurrency delivered via blockchain smart contracts.

"By applying a project finance structure honed in the renewable energy and real estate sectors, we enable investors to participate directly in productive assets—without intermediaries, speculative equities, or inefficiencies of datacenter hosting," said Spencer Marr, co-founder and CEO.

By side-stepping intermediaries, Sangha aims to create mining sites that produce Bitcoin at below the typical market price. The company views this as a potential avenue for investors to gain exposure to Bitcoin without actually buying the coin itself, and for a lower price than can be found elsewhere.

"Investors put cash or Bitcoin into the construction of the project and then enjoy streaming distributions of Bitcoin for years to come at well below the market price of Bitcoin," Marr added.

The company also hopes its model will be beneficial to the local power grid by diverting energy loads during times of unusually high or low consumption.

"It’s a win-win-win," added Marr. "The IPP (independent power producer) earns more per megawatt-hour, our investors gain exposure to low-cost Bitcoin production, and we deliver grid-stabilizing load where it’s needed most."

Founded as Sangha Systems in 2018, the company's website claims its portfolio consists of more than 100MW of solar and wind sites ready for offtake arrangements.

Under its previous name, the company was linked to a planned 82MW cryptocurrency mine in Hennepin, Putnam County, Illinois. Based at a former steel mill site, the 82 River North project was also set to feature behind-the-meter solar capacity.