15 September 2022 10:07, UTC
Reading time: ~2 m
Chinese Ethereum mining rig maker Sunlune has concluded its A-series fundraising with “tens of millions” of US dollars from Intel Capital, in an announcement two days before the completion of the Ethereum Merge.
See related article: Why Ethereum Merge will be game-changing for DeFi and crypto investing
- The funding will go towards chip research and development, recruitment in China and globally, and acceleration of its global business expansion, said founder and CEO of Sunlune, Dr. Wang Fuquan.
- Intel Capital’s Managing Director Wang Tianlin said Intel will collaborate with Sunlune in chip design, wafer manufacturing, and crypto algorithms.
- Intel Capital is a division of the chip giant Intel Corporation that manages the company’s venture capital, global investments, and mergers and acquisitions.
- Sunlune’s main products are application-specific integrated circuit mining machines named ‘Jasminer’ that mine Ethers and Ethereum Classic.
- Crypto mining rigs will no longer work on Ethereum after it completed its Merge on Thursday and scrapped crypto mining. Only some mining activities might survive on Ethereum forks such as the Proof-of-Work fork and the Ethereum Classic fork.
- As of publication, Sunlune has not responded to Forkast’s request for further comment on whether the Ethereum Merge will impact the sale of crypto mining.
See related article: Crypto miners plan to fork Ethereum, will it make a difference to the Merge?