Bitcoin miner Genesis Digital Assets raises $431M

Published at: Sept. 22, 2021

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 Tuesday.

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. Kingsway previously led a $125 million equity funding round for Genesis in July 2021.

Genesis Digital CEO and co-founder Marco Streng noted that the new funds will help the company to continue expanding operations with a goal of reaching 1.4 gigawatts in mining capacity 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,” he added.

Related: Bitcoin mining estimated to represent 0.9% of global carbon emissions in 2030

One of the largest Bitcoin miners in the United States, Genesis Digital has been actively increasing its mining power recently, accumulating more hardware for mining the cryptocurrency. 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.

Recently, Genesis Digital’s mining capacity has been increasing steadily, 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. The company expects to add another 8.6 EH/s in the next 12 months.

Tags
Bitcoin
United States
Business
Cryptocurrencies
Funding
Mining
Genesis Mining
Related Posts
Four North American Bitcoin miners that could benefit from the East-West shift
Even before China finally wielded the ban hammer on crypto mining, Bitcoin (BTC) miners in North America had been building up their capacity amid efforts to gain a larger share of the global hash rate distribution. From building bigger data centers to acquiring hardware inventories, these establishments have been making concert efforts to balance the hash-power dichotomy between the Eastern and Western hemispheres. North American Bitcoin miners often have to contend with energy usage concerns as well and some have been keen to partner with oil and gas firms, becoming buyers of last resort for flared gas. Indeed, American oil …
Bitcoin / July 18, 2021
Ex-Wall Street execs lead new Bitcoin mining firm as US hash rate soars
Prime Blockchain (PrimeBlock), a new cryptocurrency mining company in the United States, is hiring its inaugural management team after starting mining Bitcoin (BTC) in September. PrimeBlock told Cointelegraph on Thursday that it appointed Goldman Sachs veteran Gaurav Budhrani as the company’s CEO. Budhrani spent over 10 years at Goldman, with his latest position featuring crypto investment banking coverage, including the $98 billion direct listing for Coinbase crypto exchange that Goldman was leading. Budhrani said on his LinkedIn that he completed over $300 billion of transactions across many crypto-related verticals, including “cryptocurrencies, semiconductors, next-gen computing technologies, and software.” The firm has …
Adoption / Nov. 4, 2021
Nasdaq-listed Bitcoin mining firm Marathon to raise $500M in debt
Marathon Digital Holdings, one of the largest Bitcoin (BTC) mining companies in the United States, is looking to raise $500 million in debt to buy Bitcoin and set up new Bitcoin miners. The Nasdaq-listed company officially announced Monday a private debt offering featuring a $500 million aggregate principal amount of its convertible senior notes. The company also expects to grant the initial purchasers an option to purchase up to an additional $75 million principal amount of notes after 13 days from the date the notes are first issued. “The notes will be senior, unsecured obligations of Marathon, will accrue interest …
Adoption / Nov. 15, 2021
Exxon Mobil is using excess natural gas to power crypto mining: Report
United States-based energy producer Exxon Mobil has reportedly been running a pilot program aimed at using the energy from excess gas to power crypto mining rigs — and it may be expanding its operations to four other countries. In a Thursday report, Bloomberg said Exxon Mobil had inked a deal with Crusoe Energy to use excess gas from oil wells in North Dakota to run Bitcoin (BTC) miners. The project reportedly uses 18 million cubic feet of natural gas per month — roughly 0.4% of the oil giant’s reported operations in the state, producing 158 million cubic feet of natural …
Bitcoin / March 24, 2022
Chinese chip designer reportedly filed for $50M Nasdaq IPO
Chinese mining chip designer Nano Labs has applied for an initial public offering (IPO) in the United States to raise $50 million on Nasdaq amid sluggish market conditions. According to information obtained by the Renaissance Capital IPO monitoring tool, the Huangzhou-based crypto mining chip maker has filed with the regulator, the U.S. Securities and Exchange Commission (SEC), for its upcoming public offering on Nasdaq, the world's second-larges stock exchange. The application for American depository shares is occurring amid a slew of regulatory difficulties in China and the United States, causing a shortage of Chinese issuers' overseas fundraising. Only two IPOs …
Bitcoin / June 13, 2022