Bitcoin miner Genesis Digital Assets raises $431 million in financing

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Genesis Digital previously raised US$125 million in an equity financing stage led by Kingsway Capital in July 2021.

Genesis Digital Assets, a large Bitcoin (BTC) company, has received $431 million in funding to expand its industrial-scale mining operations in the United States and Northern Europe.

The new financing stage is completed by Paradigm, which is one of the most important cryptocurrency investment companies supporting major trading participants such as Coinbase and FTX. The company announced on September 21 that Paradigm co-founder Matt Huang has also joined Genesis Digital’s management committee.

Other investors include Stone Ridge, a $11 billion asset management company and its Bitcoin subsidiary NYDIG, as well as many other venture capital companies and investment management companies, such as Ribbit, electric Capital, Skybridge and Kingsway Capital, and the FTX cryptocurrency exchange. Kingsway previously led the US$125 million equity financing stage for Genesis in July 2021.

Genesis Digital CEO and co-founder Marco Streng pointed out that the new funds can promote the company to continue to increase operations, with the goal of achieving 1.4 GW of mining capacity by 2023. “The funds raised in this round will be used to expand our Bitcoin mining operations where clean energy is absolutely available,” he added.

As one of the largest bitcoin miners in the United States, Genesis Digital has been actively improving its mining capabilities recently and has accumulated a large amount of hardware for mining cryptocurrencies. In late August, the company purchased 20,000 new BTC mining equipment from Chinese mining giant Canaan, and signed an agreement to purchase up to 180,000 additional mining machines in the future.

Genesis Digital’s mining capacity has been steadily increasing recently, from a full hash rate of approximately 140 MW or 2.6 exahashes (EH/s) as of July 2021 to 170 MW or 3.3 EH as of September 10 /s.

According to the company’s website, as of July 2021, Genesis’s Knowledge Center has a capacity of more than 143 megawatts, or a full hash rate of 2.6 exahashes (EH/s), which is more than 2.6 of the world’s Bitcoin mining hash rate. %. The company expects to reach 8.6 EH/s in the next 12 months.