BTC Genesis Digital Assets Miner Secures $ 431 Million Funding

The financing follows another that ended in July when the company secured $ 125 million from investors

Genesis Digital Assets (GDA), one of the fastest growing Bitcoin mining companies, has completed another round of funding as it seeks to further expand its mining operations.

The company announced on September 21 that it had secured $ 431 million in a new round of funding from key investors in the crypto space. Paradigm led this particular round, with GDA having raised funds from other major players such as New York Digital Investment Group (NYDIG), UK-based Kingsway Capital, venture capital firm Ribbit, Electric Capital and the platform – FTX cryptography form.

Genesis Digital Assets raised $ 125 million in July, with Kingsway Capital leading the round. This follows aggressive growth from Genesis, with the company targeting funds towards purchasing more Bitcoin miners for its facilities in North America as well as the Nordic region.

Genesis was one of the first companies to mine BTC, having struck “digital gold” since 2013.

In June, it acquired 10,000 mining machines from mining equipment company Canaan, before adding another 20,000 miners in August. Purchases could increase by another 180,000 BTC mining machines, Genesis announced last month following its partnership with Canaan.

The additional miners saw the Iceland-based company dramatically increase its computing power. According to the company’s website, its total hashrate in September 2021 was 3.3 exahashs per second (EH / s).

According to the data, this represented more than 2.4% of Bitcoin’s global hashrate. The company wants to increase its capacity from the current 170 megawatts to around 1.4 gigawatts, adding 8.6 EH / s to its hash capacity by October 2022.

The latest funding round follows a fifth consecutive week of an influx into Bitcoin investment products, with market sentiment being positive despite recent price drops which saw BTC hit a low of $ 40,000.

With increased interest, the market appears to be considering a further rise in the price of Bitcoin.

Source link