Genesis Digital Assets Raises $125M in Funding

bitcoin

Genesis Digital Assets, a NYC-based industrial-scale bitcoin mining operator, raised $125m in equity funding.

The funding round came from Kingsway Capital, a UK-based private equity fund focused on frontier emerging markets with over $2 billion in assets under management (AUM). As part of the round, Kingsway’s Manuel Stotz has joined the GDA board of directors.

The company intends to use the funds to purchase equipment and build new data centers in the United States and nordic region.

Founded by Marco Streng and Marco Krohn from Genesis Mining and three former mining industry executives, Abdumalik Mirakhmedov, Andrey Kim, and Rashit Makhat, Genesis Digital Assets Genesis is a large Bitcoin mining company which, since 2013, has built over 20 industrial-scale mining farms, brought over 300,000 miners online, and mined over $1 billion in Bitcoin.

As of July 2021, Genesis Digital Assets data center capacity is at over 150 megawatts, translating into a total hashrate exceeding 2.6 Exahashes (EH/s), which is more than 2.6% of the global Bitcoin mining hashrate. Another 5.5 Exahashes (EH/s) will be online in the next 12 months and by the end of 2023, The company expects to reach a capacity of over 1 gigawatt.

FinSMEs

28/07/2021