Mining Firm Genesis Digital Assets Raises $431 Million

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US mining company Genesis Digital Assets has announced it has attracted $431 million.

According to a press release shared by the company, the round was the largest in the industry. It was led by Paradigm with contributions from NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge and Kingsway Capital. The latter invested $125 million in the company in July 2021.

As part of the round, Paradigm co-founder and managing partner Matt Huang joined the board of directors of Genesis Digital Assets.

“We are using this capital to expand our Bitcoin mining operations in places where clean energy is readily available,” said co-founder and CEO of the mining company, Marko Streng.

As of September, the installed capacity of Genesis Digital Assets data centers exceeded 170 MW. The generated hash rate was more than 3.3 EH/s – around 2.4% of the total computing power of the network of the leading crypto.

The company expects an increase of 8.6 EH/s over the next 12 months. Genesis Digital Assets plans to reach 1.4 GW by the end of 2023.