Big Plans Unfolding
In an electrifying announcement, Genesis Digital Assets, one of the heavyweight champions in the Bitcoin mining arena, is planting its flags in the vast lands of West Texas. So, grab your hats, because this could just be the wildest ride in cryptocurrency history!
A Data Center with Sustainable Sparks
The new facility will boast an impressive capacity of 300 megawatts. And here’s the kicker: it’s set to operate on some eco-friendly, unnamed “sustainable infrastructure.” Think green energy sources making their mark, drawn from the Electric Reliability Council of Texas (ERCOT), which is responsible for the electrical lives of over 26 million customers in the state. Talk about a power move!
Sustainability as a Core Value
Genesis co-founder and executive chairman, Abdumalik Mirakhmedov, is dropping the sustainability word like it’s hot. He’s made it clear that sustainability isn’t just a buzzword in their board meetings; it’s a central pillar for their ambitious scaling efforts. With about 42% of ERCOT’s energy supply coming from renewable sources like wind and solar as of April, it seems Genesis is gearing up to give Mother Earth a hug while they mine.
A Mining Powerhouse
For those who aren’t keeping score, Genesis has been busy, already mining over $1 billion worth of Bitcoin since its inception in 2013. The company is flexing operational capabilities of around 170 megawatts, translating to a staggering hash rate of 3.8 exahashes per second (EH/s). But wait, there’s more! Another 9.4 EH/s is set to go live within the next year, comfortably nudging the firm towards a total target capacity of 1.4 gigawatts by the end of 2023. Genesis is currently accountable for 2.4% of Bitcoin’s global hashing power. Not too shabby, huh?
Funding Fueling the Fire
Expanding at this rate doesn’t come cheap, and Genesis is fully aware of that. In the grand scheme of its fiery ambition, the firm has raised a whopping $556 million across two funding rounds in just 2021. In July alone, they teased the financial world with a $125 million equity funding round, securing a deal for 20,000 Bitcoin miners from Canaan. But wait for it—Canaan also rolled out the red carpet for Genesis with the chance to nab an extra 180,000 mining machines!
Looking Ahead
In September, the firm didn’t hit the brakes, hauling in $431 million in a financing round led by Paradigm. This cash infusion is expected to bolster their operations across the U.S. and Northern Europe. It’s safe to say that Genesis is not just riding the digital currency wave; they’re creating a tsunami!
Conclusion: A Bright Future?
So, what does this all mean? Genesis Digital Assets is not just a major player; they are positioned to become a titan in the ever-evolving world of Bitcoin mining, armed with sustainable energy ambitions and a voracious appetite for growth. As they continue to break new ground, one can only wonder what their next shocking announcement will be!
