Digital Assets: Bitcoin Miner Genesis Digital Lands $431M To Expand Operations

September 22, 2021 | Digital Assets, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2021/09/bitcoin-6489755_640.jpg

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.”

Related Story: Sustainable Aussie Bitcoin Miner Iris Energy In Pre-Listing $200M Cash Chase

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/10/1024px-North_Dakota_Flaring_of_Gas.jpg
Digital Assets: Russian Energy Firms Seek Go-Ahead To Use Flared Gas For Mining Crypto
October 22, 2021     Digital Assets, ESG and Sustainability, News

Russia’s crypto mining industry is in expansion mode after China’s clampdown on its crypto miners. Also wanting to join the party are Russian oil and gas companies that flare, or…

https://dailyalts.com/wp-content/uploads/2021/10/archive-g1a80093d6_640.jpg
Artificial Intelligence: Rossum, The Document AI Company, Raises $100M
October 22, 2021     Artificial Intelligence, News, Venture Capital

Rossum offers an end-to-end AI document processing solution that combines its cognitive data capture platform with a full suite of integration capabilities to automate document-based communications between diverse businesses. The…

https://dailyalts.com/wp-content/uploads/2021/10/equal-gd63ae6939_640.png
Alternative Investments/ESG: New York Life Floats ETFs For Gender Equality, Clean Oceans, Cleaner Transport

The three thematic ETFs meet investor demand for ESG approaches. IndexIQ, the New York Life Investments company, announced Wednesday the launch of three new ETFs. The IQ Engender Equality ETF…

https://dailyalts.com/wp-content/uploads/2021/10/ecommerce-gb64d16291_640.jpg
FinTech: Wells Fargo Invests $10M In Cloud Payments Provider Volante
October 21, 2021     FinTech, News, Venture Capital

Volante Capital, a provider of cloud payment services and financial messaging, announced Wednesday an investment of $10 million by Wells Fargo Strategic Capital. Wells Fargo joins Wavecrest Growth Partners, BNY…