Genesis Digital Assets, a major Bitcoin mining company has received $431 million funding to expand its mining operations in the United States of America and in the Nordics.
Paradigm led the new round of funding. Paradigm is a major cryptocurrency investment company that backs industry leaders like Coinbase or FTX. The firm announced that Paradigm cofounder Matt Huang joined Genesis Digitals board on Sept. 21.
Stone Ridge, a $11 billion asset manager, has also invested in its Bitcoin subsidiary NYDIG, as well as several venture capital and investment management firms such Ribbit and Electric Capital. Kingsway was previously the leader of a $125,000,000 equity financing round for Genesis in July 2021.
Marco Streng, co-founder and CEO of Genesis Digital, stated that the new funds will allow the company to expand operations. The goal is to achieve 1.4 gigawatts of mining capacity by 2023. He said that the capital raised in this round would be used to expand our Bitcoin mining operations at locations with clean energy.
Genesis Digital is one of the most powerful Bitcoin miners in America. It has been increasing its mining power by acquiring more hardware to mine the cryptocurrency. The firm bought 20,000 BTC mining machines from Canaan in August. It also signed an agreement to purchase up to 180,000 more miners in the future.
Related: Bitcoin mining is estimated to account for 0.9% of global carbon emissions in 2030
Genesis Digitals mining power has been steadily rising in recent months. It rose from 140 megawatts (or a total hashrate of 2.6 EH/s) as of July 2021 to more than 170 megawatts (or 3.3 EH/s) as of September.
According to Genesis website, Genesis data centre had a capacity exceeding 143 megawatts by July 2021. This is more than 2.6% above the global Bitcoin mining hashrate. In the next 12 month, the company plans to add 8.6 EH/s.