Genesis Digital Assets has now secured $431 million in funding aiming to expand its industrial-scale mining operations in the Nordics and the United States. The major bitcoin (BTC) mining firm previously raised $125 million in an equity funding round in July 2021, which was led by Kingsway Capital.

The latest funding round was spearheaded by Paradigm, one of the largest crypto investment firms backing major industry players like FTX and Coinbase. Matt Huang, the Paradigm co-founder, has also joined Genesis Digital’s board of directors, the company announced on September 21.

The other investors include the $11 billion asset manager Stone Ridge and its BTC subsidiary NYDIG and many venture capital companies.


NEW YORK, Sept. 21, 2021 (GLOBE NEWSWIRE) — Genesis Digital Assets, one of the largest industrial-scale Bitcoin mining companies in the world, has announced a strategic raise of $431 million, the largest known funding round announced by a bitcoin mining company.

The funding round was led by Paradigm and also included, NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital, who invested $125 million in a previous round earlier this year. Investors in Kingsway Capital include the family offices of Paul Tudor Jones, Paul Marshall, and Winter Capital.

As part of the round, Matt Huang, Co-Founder and Managing Partner of Paradigm, has joined the Genesis Digital Assets Board of Directors. Commenting on the announcement, Huang said: “Over nearly a decade, GDA’s team have built what we regard as the most impressive bitcoin mining operation in the world.

As part of the funding round,Matt Huang, co-founder and Managing Partner of Paradigm,joined the board of Genesis Digital Assets.

In this regard,Huangcommented:

“Over nearly a decade, GDA’s team have built what we regard as the most impressive bitcoin mining operation in the world. They have everything it takes to continue to scale their operations and make bitcoin mining even more efficient, and we’re thrilled to support their mission”.

Genesis Digital Assets and its bitcoin mining objectives

The mining industry giant has also outlined its current mining capabilities and the goals it intends to achieve.

In their bid for expansion, Genesis had recently purchased 20,000 units of the latest mining equipment from Canaan with an option to buy another 180,000 units.

Genesis Digital Assets – Past, Present, And Future

Genesis Digital Assets, which offers cloud mining services, was started in 2013 by the co-founders of Genesis Mining to be a self-mining business. Since its inception, the company has built over 20 industrial-scale mining farms, brought over 300,000 miners online, and mined over $1 billion in Bitcoin. With a hashing power of over 3.3 exahashes per second, Genesis Digital Assets accounts for about 2.5% of the current Bitcoin network’s hash rate.

“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. We’re excited to have strategic investors on board and look forward to executing on our mission together”

Genesis’s Previous Funding Round

The funding round also included other bigwig investors like BTC-focused financial service firm NYDIG, investment management company Stoneridge, crypto firm FTX, venture capital firms Ribbit and Electric Capital, global investment firm SkyBridge Capital, and private equity fund Kingsway Capital. The mining company had held a previous funding round back in July to fund its North American and Nordic expansions, where Kingsway Capital had invested $125 million.

In late August, the firm purchased 20,000 new BTC mining devices from Chinese mining giant Canaan, signing an agreement to buy up to 180,000 additional miners in the future.

Genesis Digital’s mining capacity has been steadily increasing recently, surging from around 140 megawatts as of July 2021, or a total hash rate of 2.6 exahashes (EH/s), to over 170 megawatts, or 3.3 EH/s as of September.

According to the company’s website, Genesis’ data center had a capacity of over 143 megawatts as of July 2021, or a total hash rate of 2.6 exahashes (EH/s), which is more than 2.6% of the global Bitcoin mining hash rate.

Basically, as of this September 2021,Genesis Digital Assets’ data centre capacity is more than 170 megawatts, which translates into a total hashrate of more than3.3 Exahashes (EH/s), which ismore than 2.4% of the global bitcoin mining hashrate.

The company adds that another 8.6 Exahashes (EH/s) will come online during the next 12 months, andby the end of 2023, Genesis Digital Assets expects to reach acapacity of over 1.4 gigawatts.

In this regard,Marco Streng, CEO and co-founder of Genesis Digital Assets left a comment:

“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 whereclean energy is easily accessible.

They have everything it takes to continue to scale their operations and make bitcoin mining even more efficient, and we’re thrilled to support their mission.”

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. We’re excited to have strategic investors on board and look forward to executing on our mission together.”

As of September 2021, Genesis Digital Assets 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.

They signed an agreement to buy up to 180,000 additional miners in the future.

In recent days, Genesis Digital’s mining capacity has been constantly increasing, surging from about 140 megawatts as of July 2021 to reach more than 170 megawatts as of September. It had a total hash rate of 2.6 exahashes (EH/s) in July to reach 3.3 EH/s as of September.

Based on the company’s site, Genesis’ data center had a capacity of more than 143 megawatts as of July 2021, which translates to a total hash rate of 2.6 exahashes (EH/s). That amount is more than 2.6% of the global Bitcoin mining hash rate.

Also, investment management companies have invested in the company including FTX cryptocurrency exchange, Ribbit, Skybridge and Kingsway Capital, and Electric Capital.

Marco Streng, Genesis Digital CEO and co-founder, said that the new funds from the latest round will be used to help the firm to continue with its expansion operations with an aim of reaching 1.4 gigawatts in mining capacity by 2023. He added:

“The capital raised from this round will be used to expand our Bitcoin mining operations in locations where clean energy is easily accessible.”

One of the biggest Bitcoin miners in the US, Genesis Digital has been majorly increasing its mining power in recent months, accumulating a lot of hardware for mining the crypto. Sometime in late August, the company acquired 20,000 new BTC mining devices from Canaan, the Chinese mining giant.

“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. We’re excited to have strategic investors on board and look forward to executing on our mission together”

Genesis’s Previous Funding Round

The funding round also included other bigwig investors like BTC-focused financial service firm NYDIG, investment management company Stoneridge, crypto firm FTX, venture capital firms Ribbit and Electric Capital, global investment firm SkyBridge Capital, and private equity fund Kingsway Capital. The mining company had held a previous funding round back in July to fund its North American and Nordic expansions, where Kingsway Capital had invested $125 million.

Major Bitcoin (BTC) mining company Genesis Digital Assets has secured $431 million in funding to expand its industrial-scale mining operations in the United States and Nordics.

The new funding round was led by Paradigm, one of the biggest cryptocurrency investment companies backing major industry players like Coinbase and FTX. Paradigm co-founder Matt Huang has also joined Genesis Digital’s board of directors, the firm announced on Sept. 21.

Other investors include the $11 billion asset manager Stone Ridge and its Bitcoin subsidiary NYDIG and several venture capital firms and investment management firms like Ribbit, Electric Capital, Skybridge and Kingsway Capital, and FTX crypto exchange.

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