Thus, the Electric Reliability Council of Texas (ERCOT) grid company will cover 40% of the planned volume; due to electricity generated by wind and sun.
Moreover, as part of the announcement, Genesis co-founder and executive chairman Abdumalik Mirakhmedov stressed the importance of “sustainability” in the company’s plans for “rapid expansion.”
The importance of sustainability
Currently, the Genesis Digital Assets hashrate is 3.8 EH/s. Therefore, the company expects to increase this figure to 9.4 EH/s over the next 12 months. Also, bring the installed capacity to 1.5 GW by the end of 2023.
Recall that previously in September, Genesis Digital Assets raised $431 million. According to the press release, the round was the largest in the industry. Paradigm led the round with the participation of NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge and Kingsway Capital. The latter invested $125 million in the company in July 2021.
As part of the round, Paradigm co-founder and managing partner Matt Huang joined the board of directors of Genesis Digital Assets.
A strategic partnership
Earlier, the company entered into a strategic partnership with the Chinese manufacturer of mining equipment Canaan. As part of the agreement, Genesis Digital Assets agreed to purchase Bitcoin mining devices for $94 million.
In June, the companies expanded their cooperation and signed a contract for the supply of 10,000 miners.
Later in August, Genesis Digital Assets ordered 20,000 pieces of equipment from Canaan and received an option to purchase another 180,000 miners. Since 2013, the company’s founders have built more than 20 mining farms. In addition, they connected more than 300,000 miners to the network and mined Bitcoins worth about $1 billion.