On Tuesday, bitcoin mining firm Genesis Digital Assets announced that the firm had raised $ 431 million from strategic investors. The mining company Genesis has detailed that Paradigm has led a multi-million dollar funding round and a co-founder of the firm has joined the board of Genesis.
Genesis Digital Resources to Strengthen Bitcoin Mining Operations in the United States
The industry-scale bitcoin mining company, Genesis Digital Assets, has revealed that the firm has raised $ 431 million in a recent round of financing. The fund was managed by the company Paradigm but also included the participation of companies such as NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital. Matt Huang, co-founder and managing partner of Paradigm, explained during the announcement that he would join the Genesis Digital Assets (GDA) board.
In a statement sent to Bitcoin.com, Huang said, “For more than a decade, the GDA team has formed what we consider to be the world’s largest bitcoin mining operation.” “They have everything they need to scale their operations and make bitcoin mining more efficient, and we’re thrilled to be able to support their mission.”
Genesis plans to add 8.6 Exahash in the next 12 months
Genesis details that the company’s current mining capacity is currently 170 MW. Megawatts are converted to 3.3 xhsh (eh / sec) hash power per second or 2.4% of the global hash rate. Genesis details that it aims to add 8.6 eh / s to hash power in the fleet by next year, and expects GDA to have about 1.4 gigawatts of capacity by the end of 2023.
“As we work to bring 1.4 gigawatts online by 2023, the capital raised from this round will be used to expand our bitcoin mining activities to a place where clean energy is readily available,” said Marco Streng, CEO and co-founder of Genesis. Digital Resources “We are excited to have strategic investors on board and look forward to implementing our mission together.”
The announcement from GDA follows the firm’s acquisition of 20,000 mining rigs from Canaan and the option to acquire 180,000 more from a publicly listed mining rig manufacturer. The company had a strong relationship with Canaan over the years and had already settled some previous mining rig acquisitions prior to the 20K purchase.
What do you think about raising $ 431 million to expand GDA operations? Let us know what you think about this in the comments section below.
Image credit: Shutterstock, Pixabay, WikiCommons
Denial: This article is for informational purposes only. It is not a direct offer or request for a purchase or sale offer, nor is it a recommendation or approval of a product, service or company. Bitcoin.com does not offer investment, tax, legal or accounting advice. The Company or the Author is not directly or indirectly responsible for any loss or damage caused by or in connection with the use or reliance on any content, product or service referred to in this article.