Genesis Digital Assets Raises $431 Million for BTC Mining

Genesis Digital Asset - Bitcoin

Genesis Digital Assets, a leading bitcoin mining company in the world with operations spanning across the world announced that it has raised $431 million USD from strategic investors. This is one of the largest funding rounds for cryptocurrency related projects

This announcement follows the mining company’s funding of 125 million USD which was raised in July to extend its industrial-Scale BTC mining operations.

Marco Streng who is the CEO and Co-founder of Genesis Digital Assets says the funds will help the company expand operations in clean energy space. The company also aims to go green the Crypto space.

In today’s announcement. GDA’s CEO revealed that by 2023, the company aims to bring 1.4 gigawatts online (currently at 170 megawatts). Additionally, he said that this round’s funds would expand the giant cryptocurrency’s mining in areas with access to clean energy.

Other investors who joined, include Paradigm, NYDIG, FTX, Stoneridge, Ribbit and Electric Capital. According to media outlets, Kingsway capital also took part in the funding round.

In addition, Matt Huang, Paradigm’s co-founder and manager, joined Genesis’ Board of Directors. In a statement he gave during the funding round, Matt said Paradigm is happy to support GDA’s mission.

Genesis expects to heighten its hashrate cap significantly. To nearly 11.9 EH/s from 3.3 exahashes per second (EH/s) over the next year