Bitcoin mining provider Genesis Digital Assets raises $431m
Bitcoin mining company Genesis Digital Assets has received $431 million in funding to expand its industrial-scale mining operations in the United States and Nordic countries.
The new funds will help the company expand its operations
The strategic funding round was led by investment firm Paradigm and the co-founder of Paradigm Matt Huang has also joined the board of directors. Other investors in the round included Stoneridge, NYDIG, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital, which invested $125 million in Genesis in an earlier round in July, whose investors included the family offices of Paul Tudor Jones, the company added in the statement.The CEO and co-founder of Genesis Digital, Marco Streng said the new funds will help the company expand operations to reach 1.4 gigawatts of mining capacity by 2023. The capital raised from this round will be used to expand our Bitcoin mining operations in locations where clean energy is easily accessible," he added.
What is Genesis Digital Assets?
Genesis Digital Assets is a self-mining company started by the co-founders of Genesis Mining and has been providing cloud mining services since its launch in 2013. The mining firm recently purchased another 20,000 units of the latest generation of mining equipment from Canaan, with the option to buy another large amount of a whopping 180,000 units from Canaan as part of the deal.Genesis Digital's mining capacity has been steadily increasing, from about 140 megawatts in July 2021, which equates to a total hash rate of 2.6 exahashes (EH /s), to over 170 megawatts, or 3.3 EH /s, in September.
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