Genesis Digital antecedently raised $125 million in an equity funding phase led by Kingsway Capital in July 2021.
Major Bitcoin (BTC) company Genesis Digital Assets has secured $431 million in funding to expand its industrial-scale mining operations within the US and Nordics.
The new funding phase is done by Paradigm, one of the most important cryptocurrency investment firms backing major trade players like Coinbase and FTX. Paradigm co-founder Matt Huang has additionally joined Genesis Digital’s board of administrators, the firm proclaimed on Sept. 21.
Other investors embrace the $11 billion asset manager Stone Ridge and its Bitcoin subsidiary NYDIG and a number of other risk capital corporations and investment management corporations like Ribbit, electrical Capital, Skybridge and Kingsway Capital, and FTX crypto exchange. Kingsway antecedently led a $125 million equity funding phase for Genesis in July 2021.
Genesis Digital CEO and co-founder Marco Streng noted that the new funds can facilitate the corporation to continue increasing operations with a goal to achieve 1.4 gigawatts in mining capability by 2023. “The capital raised from this round is going be used to expand our Bitcoin mining operations in locations wherever clean energy is definitely accessible,” he added.
One of the biggest Bitcoin miners within the US, Genesis Digital has been actively increasing its mining power recently, accumulating a lot of hardware for mining the cryptocurrency. In late August, the firm purchased 20,000 new BTC mining devices from a Chinese mining big canaan, sign language agreement to shop for up to 180,000 extra miners within the future.
Genesis Digital’s mining capability has been steadily increasing recently, billowy from around 140 megawatts as of July 2021, or a complete hash rate of 2.6 exahashes (EH/s), to over 170 megawatts, or 3.3 EH/s as of Sept.
According to the company’s web site, Genesis’ knowledge center had a capability of over 143 megawatts as of July 2021, or a complete hash rate of 2.6 exahashes (EH/s), that is over a 2.6% of the world Bitcoin mining hash rate. The corporation expects to feature another 8.6 EH/s within the next twelve months.