It’s the largest known funding round by a bitcoin mining company.

Genesis Digital Assets, which runs 2.4% of the bitcoin mining network, has announced a $431 million raise led by Paradigm. Claimed to be the largest ever achieved by a bitcoin mining company, the round also won participation from NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital. (Intrado GlobeNewswire)

Industrial scale expansion using clean energy

Iceland-headquartered Genesis Digital will use the funds for industrial-scale bitcoin mining operations in the US and the Nordics, where it is focusing on renewable energy sources.

Last month the firm announced a purchase of 20,000 bitcoin mining machines from China-based manufacturer Canaan for an undisclosed amount. Genesis holds options to buy another 180,000 mining machines from the same supplier.

In July, Genesis raised $125 million in a round led by Kingsway Capital, which is a UK-based private equity fund and counts among its investors the family offices of Paul Tudor Jones, Paul Marshall, and Winter Capital.

As of September 2021, the firm’s data center capacity is at over 170 megawatts, translating into a total hashrate exceeding 3.3 Exahashes (EH/s), which is more than 2.4% of the global bitcoin mining hashrate.

Another 8.6 Exahashes (EH/s) will go online during the next 12 months, and by the end of 2023, Genesis Digital Assets expects to reach a capacity of over 1.4 gigawatts.

Marco Streng, CEO and Co-Founder of Genesis Digital Assets, said: “As we work towards our goal of bringing 1.4 gigawatts online by 2023, the capital raised from this round will be used to expand our bitcoin mining operations in locations where clean energy is easily accessible.”

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