Genesis Digital Assets raises $431 million

American mining company Genesis Digital Assets announced a strategic investment round of $431 million.

According to the пресс-релизу, the round was the largest in the industry. It was led by Paradigm with participation from NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge and Kingsway Capital. The latter invested in the firm $125 million in July 2021.

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

“The capital we have obtained will be used to expand our Bitcoin mining operations in locations where clean energy is readily available,” said co-founder and CEO Marco Streng.

As of September, the installed capacity of Genesis Digital Assets’ data centres exceeded 170 MW. The generated hashrate stood at more than 3.3 EH/s — about 2.4% of the total computational power of the Bitcoin network.

The company expects the metric to rise by 8.6 EH/s over the next 12 months. It is planned that by the end of 2023 Genesis Digital Assets’ capacity will reach 1.4 GW.

In April 2021, the firm struck a strategic partnership with the Chinese manufacturer of mining equipment Canaan, under which it agreed to purchase Bitcoin mining devices for $94 million.

In June, the company expanded the cooperation and signed a contract to supply 10,000 miners.

In August, Genesis Digital Assets ordered 20,000 units of equipment from Canaan and obtained an option to purchase another 180,000 miners.

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