Major Bitcoin (Bitcoin) Mining company Genesis Digital Assets has received US$431 million in funding to expand its industrial-scale mining operations in the United States and Northern Europe.
The new round of financing is led by Paradigm, one of the largest cryptocurrency investment companies backing Major industry players such as Coinbase and FTX. Paradigm co-founder Matt Huang also joined Genesis Digital’s board of directors, the company Announce September 21.
Other investors include Stone Ridge, a $11 billion asset management company and its Bitcoin subsidiary NYDIG, as well as a number of venture capital firms and investment management companies such as Ribbit, Electric Capital, Skybridge and Kingsway Capital, and the FTX cryptocurrency exchange. Kingsway previously led a US$125 million in equity financing Genesis in July 2021.
Genesis Digital CEO and co-founder Marco Streng pointed out that the new funding will help the company continue to expand its business, with the goal of reaching 1.4 GW of mining capacity by 2023. “The funds raised in this round will be used to expand our Bitcoin mining operations in places where clean energy is easily available,” he added.
Genesis Digital is one of the largest bitcoin miners in the United States. Recently, it has been actively improving its mining capabilities and has accumulated more hardware for mining cryptocurrencies. In late August, the company Purchased 20,000 new BTC mining equipment From the Chinese mining giant Canaan, signed an agreement to purchase up to 180,000 additional mining machines in the future.
Genesis Digital’s mining capacity has been steadily increasing recently, from approximately 140 MW as of July 2021, or 2.6 exahashes (EH/s) total hash rate soared to more than 170 MW in September, or 3.3 EH /s.
According to the company’s website, as of July 2021, Genesis’s data center has a capacity of more than 143 MW, with a total computing power of 2.6 exahashes (EH/s), which exceeds 2.6% of the global Bitcoin mining power. The company expects to add another 8.6 EH/s in the next 12 months.