The American Bitcoin (BTC) mining company Genesis Digital Assets announced the attraction of strategic investments in the amount of $431 million.
Thus, according to the press release, the round was the largest in the industry. It was led by Paradigm 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.
Capital to expand Bitcoin mining operations
“We use the received capital to expand our Bitcoin mining operations in places where clean energy is easily available”. Said Marco Streng, the CEO and co-founder of the mining company.
As of September, the installed capacity of Genesis Digital Assets data centers exceeded 170 MW. The generated hashrate was more than 3.3 EH/s. It is about 2.4% of the total computing power of the first cryptocurrency network.
The company expects an increase of 8.6 EH/s over the next 12 months. Moreover, it is planned that by the end of 2023, the capacity of Genesis Digital Assets will reach 1.4 GW.
A strategic partnership
Recall that in April 2021, the company entered into a strategic partnership with the Chinese manufacturer of mining equipment Canaan. According to this, they agreed to purchase Bitcoin mining devices for $94 million. It was about the AvalonMiner A1246.
Later in June, the companies expanded their cooperation and signed a contract for the supply of 10,000 miners.
In August, Genesis Digital Assets ordered 20,000 pieces of equipment from Canaan. And they also 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.