Bitcoin miner Genesis Digital Assets raises $431M

Major mining company Bitcoin (BTC) Genesis Digital Assets has raised $ 431 million in funding to expand its industrial-scale mining operations in the United States and the Nordic countries.

The new financial circle was led by Paradigm, one of the largest investment companies in cryptocurrency support major industrial players such as Coinbase and FTX. Paradigm co-founder Matt Huang has also joined the board of directors of Genesis Digital, the company announced the 21 of September.

Other investors include the $ 11 billion manager Stone Ridge and its Bitcoin subsidiary NYDIG and several venture capital firms and investment management firms such as Ribbit, Electric Capital, Skybridge and Kingsway Capital, and FTX crypto exchange. Kingsway previously led $ 125 million in equity funding for Genesis in July 2021.

Genesis Digital CEO and co-founder Marco Streng noted that the new funding will help the company continue expansion operations with a goal of reaching 1.4 gigawatts in mining capacity by 2023. ”The capital raised from this round will be used to expand our Bitcoin operations in places where clean energy is easily accessible, “he added.

One of the largest Bitcoin miners in the United States, Genesis Digital has been actively increasing its mining power recently, amassing more hardware for mining the cryptocurrency. In late August, the company purchased 20,000 new mining devices from Chinese mining giant Canaan, signing an agreement to buy up to 180,000 additional miners in the future.

Related: Bitcoin mining is estimated to account for 0.9% of global carbon emissions by 2030

Genesis Digital’s mining capacity has steadily increased recently, increasing from about 140 megawatts in July 2021, or a total hashish rate of 2.6 exits (EH / s), to over 170 megawatts, or 3.3 EH / s in September.

According to the company’s website, the Genesis data center had a capacity of more than 143 megawatts in July 2021, or an overall hash rate of 2.6 exhas (EH / s), which is more than 2.6% of the global skin percentage of Bitcoin mining. The company expects to add an additional 8.6 EH / s in the next 12 months.