Following a number of ASIC mining rig acquisitions from maker Canaan, bitcoin mining operation Genesis Digital Assets announced on Monday that the company is developing a bitcoin mining data center. on an industrial scale in West Texas. According to the announcement, Genesis says the new facility will have a capacity of 300 megawatts with a “low carbon footprint.”
Genesis announces new bitcoin mining facility with a capacity of 300 megawatts
Mining company Genesis Digital Assets has announced the launch of a new bitcoin mining facility that will be located in West Texas. The Genesis data center will be powered by the Electric Reliability Council of Texas (ERCOT). The ERCOT entity is a major supplier of electricity in Texas, and statistics indicate that the company supplies 90% of the state’s electrical load. Genesis points out that the new 300 megawatt data center will feature “sustainable infrastructure, high efficiency and a low carbon footprint.”
The announcement of the Texas facility follows a series of mining rig acquisitions in which Genesis was involved with Chinese ASIC maker Canaan. In August, Bitcoin.com News reported that Genesis had purchased 20,000 ASIC miners from Canaan and the company had the option to acquire 180,000 ASIC mining rigs at a later date. Genesis says the new operation in West Texas “will create employment opportunities” and provide “work for local entrepreneurs.”
Abdumalik Mirakhmedov, Executive Chairman and Co-Founder of Genesis Digital Assets, confirms that the new facility will help strengthen local employment opportunities. “As we continue our plans for rapid expansion in the United States, we remain committed to our sustainability and social commitments, identifying ways to fuel our industrial-scale bitcoin mining farms with renewable energy and create employment opportunities for the local communities in which we operate. “Mirakhmedov said in a statement.
Genesis hopes to manage 1.4 GW of new data centers by 2023
Genesis recently signed a major supply contract and also raised over $ 550 million in funding this year. Recent Genesis funding was led by Paradigm, and Alameda Research, Ribbit, Electric Capital, NYDIG, Stoneridge, Skybridge, and Kingsway Capital participated. Mining hopes to operate “1.4 GW of new data centers by 2023” and to date, Genesis maintains over 170 megawatts or 3.8 Exahashes (EH / s) of dedicated hash power to the network Bitcoin (BTC).
“We are moving very quickly on our mission to provide the infrastructure that will power the future of money,” said Andrey Kim, COO and co-founder of Genesis Digital Assets. “This new data center marks another key milestone as we work to implement our big picture. “
Meanwhile, a number of bitcoin mining operations have migrated to the state of Texas, such as Bitmain, Argo Blockchain, and EZ Blockchain. Just recently, a number of oil producers met with bitcoin mining heavyweights to see how the two industries could work together. Texas has gradually turned into a major bitcoin mining hub over the past year.
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