Genesis Digital previously secured $125 million in July 2021 in an equity fundraising deal headed by Kingsway Capital.
Genesis Digital Assets, a major Bitcoin (BTC) mining company, has obtained $431 million in funding to develop its industrial-scale mining operations in the United States and Nordic countries.
The fresh round of funding was led by Paradigm, one of the largest cryptocurrency investment firms, which has previously backed major industry heavyweights such as Coinbase and FTX. Matt Huang, co-founder of Paradigm, has also joined the board of directors of Genesis Digital, the company said on Sept. 21.
Other investors include Stone Ridge Asset Management, which manages $11 billion in assets, and its Bitcoin subsidiary NYDIG, as well as several venture capital and investment management firms such as Ribbit, Electric Capital, Skybridge, and Kingsway Capital, as well as the FTX cryptocurrency exchange. In July 2021, Kingsway led a $125 million equity financing round for Genesis.
Genesis Digital CEO and co-founder Marco Streng stated that the fresh funds will enable the company to continue increasing operations in order to reach a capacity of 1.4 gigawatts by 2023. “The funds raised in this round will be used to expand our Bitcoin mining operations in areas with readily available clean energy,” he added.
Genesis Digital, one of the major Bitcoin miners in the United States, has been aggressively growing its mining power recently, amassing additional mining hardware. In late August, the company acquired 20,000 new BTC mining equipment from Chinese mining giant Canaan, as part of a deal to purchase up to 180,000 further miners in the future.
Genesis Digital’s mining capacity has been significantly expanding in recent months, increasing from roughly 140 megawatts in July 2021, or a total hash rate of 2.6 exahashes (EH/s), to over 170 megawatts in September, or 3.3 EH/s.
Genesis’ data center, according to the company’s website, had a capacity of more than 143 megawatts as of July 2021, or a total hash rate of 2.6 exahashes (EH/s), or more than 2.6 percent of the worldwide Bitcoin mining hash rate. The company anticipates adding an additional 8.6 EH/s during the next 12 months.