Bitcoin Minor Genesis Digital Asset, which has been active since 201 Bit, has announced a 11 million increase in funding for its expansion plans. The round, led by investment firm Paradigm, comes less than two months before the pre-mining funding round of 125 125 million.
Former investors have joined the fund rounds, including NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital, the $ 2 billion UK-based private equity fund that led the unit in the previous round. Matt Huang, co-founder and managing partner of Paradigm, who joined the Genesis board of directors, commented on the announcement.
“For more than a decade, GDA has built a team that we consider to be the most impressive bitcoin mining operation in the world,” Huang said. “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.”
A new funding round, one of the biggest money announced by bitcoin mining companies, will give Genesis the ability to fulfill many of its expansion plans. The company said it expects its hashtag capacity to increase significantly over the next 12 months.
Bitcoin Mining’s current data center capacity is about 170 megawatts with a total hash capacity of 3.3 axes per second (eh / second), which the company says it plans to increase to about 11.9 eh / sec next year. And recent large investments could enable Genesis to achieve its wildlife expansion plans.
“We are working to bring 1.4 gigawatts online by 2023, the capital raised from this round will be used to expand our bitcoin mining activities where clean energy is readily available,” said Marco Streng, CEO and co-founder of Genesis. “We are excited to have strategic investors on board and look forward to implementing our mission together.”
According to the release, Genesis Digital Assets has been a bitcoin mining company since 2013, built more than 20 industry-scale bitcoin mining firms and mined more than ১ 1 billion in bitcoin. In April, Genesis bought Canan ASICS worth $ 93 million and made another purchase in June for 10,000 bitcoin mining rigs from the same manufacturer.