Bitcoin miner active since 2013 Genesis Digital Assets announced today that it has raised $ 431 million to fund the company’s expansion plans. The round, led by investment firm Paradigm, comes less than two months after the $ 125 million miner’s previous round of funding.
Former investors have also joined the funding round, including NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge and Kingsway Capital, the $ 2 billion UK-based private equity fund that has led solo the previous cycle in total. Paradigm co-founder and managing partner Matt Huang, who has joined the Genesis board, commented on the announcement.
“In nearly a decade, the GDA team has built what we consider to be the most impressive bitcoin mining in the world,” said Huang. “They have everything they need to continue to grow their operations and make bitcoin mining even more efficient, and we are delighted to support their mission.”
The latest round of funding, one of the largest amounts ever announced by bitcoin mining companies, will allow Genesis to realize its many expansion plans. The company said it plans to significantly increase its hash capacity over the next 12 months.
The bitcoin miner’s current data center capacity of around 170 megawatts translates to a total hash capacity of 3.3 exahashs per second (EH / s), which the company said it plans to increase to nearly 11.9 pe / s next year. And recent plentiful investment could allow Genesis to realize its wild expansion plans.
“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 to places where clean energy is readily available.” , said Genesis CEO and co-founder Marco Streng. “We are delighted to have strategic investors on board and look forward to completing our mission together. “
According to the release, Genesis Digital Assets has been a bitcoin mining company since 2013, having built over 20 industrial-scale bitcoin mining farms and mined over $ 1 billion worth of bitcoin. In April, Genesis bought for $ 93 million from Canaan ASICS and followed another June purchase of 10,000 bitcoin mining rigs from the same manufacturer.