Large Bitcoin (BTC) mining company Genesis Digital Assets has secured $ 431 million in funding to expand its industrial-scale mining operations in the United States and the Nordic countries.
The new round of funding has been led by Paradigm, one of the largest cryptocurrency investment firms supporting major industry players like Coinbase and FTX. Paradigm co-founder Matt Huang has also joined Genesis Digital’s board of directors, the company announced on September 21.
Other investors include $ 11 billion asset manager Stone Ridge and its Bitcoin subsidiary NYDIG and several venture capital and investment management firms like Ribbit, Electric Capital, Skybridge and Kingsway Capital, and FTX crypto exchange. . Kingsway previously led a $ 125 million funding round for Genesis in July 2021.
Genesis Digital CEO and co-founder Marco Streng noted that the new funds will help the company continue to expand its operations with the goal of reaching 1.4 gigawatts of mining capacity by 2023. ” The capital raised from this round will be used to expand our Bitcoin mining operation. operations in places where clean energy is easily accessible, ”he added.
One of the largest Bitcoin miners in the United States, Genesis Digital has recently actively increased its mining power, accumulating more material to mine the cryptocurrency. In late August, the company bought 20,000 new BTC mining devices from Chinese mining giant Canaan, signing an agreement to purchase up to 180,000 additional miners in the future.
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Genesis Digital’s mining capacity has grown steadily recently, from around 140 megawatts in July 2021, for a total hash rate of 2.6 exahashs (EH / s), to over 170 megawatts, or 3.3 EH / s in September.
According to the company’s website, Genesis’ data center had a capacity of over 143 megawatts as of July 2021, for a total hash rate of 2.6 exahashs (EH / s), or over 2.6%. of the global Bitcoin mining hash rate. The company plans to add an additional 8.6 pe / s over the next 12 months.