Major Bitcoin miner company Genesis Digital Assets has secured $431 million in funding to expand its industrial-scale mining operations in the US and Nordics.
Genesis Digital previously raised $125 million in an equity funding round led by Kingsway Capital in July 2021.
The new funding round was led by Paradigm, one of the greatest cryptocurrency investment corporations backing major business players like Coinbase and FTX. Paradigm co-founder Matt Huang has additionally joined Genesis Digital’s board of directors, the agency announced on Tuesday.
Other investors embrace the $11 billion asset manager Stone Ridge and its Bitcoin subsidiary NYDIG, and several other enterprise capital companies and funding administration companies like Ribbit, Electrical Capital, Skybridge and Kingsway Capital, and FTX crypto trade. Kingsway beforehand led a $125 million fairness funding round for Genesis in July 2021.
Genesis Digital CEO and co-founder Marco Streng noted that the new funds will assist the corporate to proceed increasing operations with a objective of reaching 1.4 gigawatts in mining capacity by 2023. “The capital raised from this round can be used to develop our Bitcoin mining operations in areas the place clear power is definitely accessible,” he added.
One of the largest Bitcoin miners in the US, Genesis Digital has been actively increasing its mining power not too long ago, accumulating more hardware for mining the cryptocurrency. In late August, the firm purchased 20,000 new BTC mining gadgets from Chinese mining giant Canaan, signing an settlement to purchase as much as 180,000 further miners sooner or later.
Just lately, Genesis Digital’s mining capability has been rising steadily, surging 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 September. The corporate expects so as to add another 8.6 EH/s within the next 12 months.