Genesis Digital Assets, a large Bitcoin (BTC) mining company, has secured $431 million in funding to expand industrial-scale mining operations in the United States and Scandinavia.
The new funding round was led by Paradigm, one of the largest crypto investment firms that supports major industry players such as Coinbase and FTX. On Tuesday, the company said Paradigm founder Matt Huang has also joined the Genesis Digital board of directors.
Other investors include $11 billion real estate manager Stone Ridge, its subsidiary NYDIG, as well as several venture capital and investment management firms such as Ribbit, Electric Capital, Skybridge and Kingsway Capital, as well as the FTX cryptocurrency exchange. Kingsway previously led a $125 million equity round in July 2021.
Marco String, CEO and co-founder of Genesis Digital, said the new funds will help the company continue expanding its operations with a goal of reaching 1.4 gigawatts of mining capacity by 2023. “Capital raised from this round will be used to expand Bitcoin mining operations in Places where clean energy is readily available.”
On the topic: Bitcoin mining is estimated to account for 0.9% of global carbon emissions by 2030
One of the largest bitcoin mining companies in the United States, Genesis Digital has been actively expanding its mining capacity recently, collecting more and more cryptocurrency hardware. At the end of August, the company purchased 20,000 new BTC mining units from Chinese mining giant Canaan, and signed an agreement to buy up to 180,000 additional miners in the future.
Genesis Digital’s mining power has grown steadily in recent times, increasing from approximately 140 MW in July 2021, or a total hash speed of 2.6 exahashes (EH/s), to more than 170 MW, or 3.3 EH/s in September. The company expects to add an additional 8.6 EH/s over the next 12 months.