Iceland-headquartered Genesis Digital Assets, a major industrial Bitcoin mining company, has actually finished another massive strategic financing round, raising $431 million from venture capital investors.
Reported on Tuesday, the round was led by Paradigm and got involved by huge names in the crypto and finance area, consisting of NYDIG, Stoneridge, FTX, Ribbit, Electric Capital and Skybridge. Existing investor, Kingsway Capital, which invested $125 million in the mining company earlier this year, also took part in the latest financing.
Continuous Expansion
Genesis runs its Bitcoin mining operations with the overall capacity of its information centers at over 170 megawatts. The hash rate generated from its facilities surpasses 3.3 Exahashes (EH/s), contributing 2.4 percent of the total Bitcoin hash rate.
The fresh proceeds came as the company is intending to broaden its operations in the next 12 months, including another 8.6 Exahashes (EH/s).
Commenting on the funding, Marco Streng, Co-Founder and CEO at Genesis Digital Property, said: « As we work towards our goal of bringing 1.4 gigawatts online by 2023, the capital raised from this round will be used to expand our bitcoin mining operations in areas where tidy energy is easily accessible. »
« We’re delighted to have strategic investors on board and look forward to performing our objective together. »
Though crypto business are drawing in financiers at a record pace, Genesis became the very first Bitcoin mining business to raise funds of this magnitude in a single round.
« Over almost a decade, GDA’s team have actually constructed what we regard as the most excellent bitcoin mining operation on the planet, » said Matt Huang, Co-Founder and Managing Partner of Paradigm, who now signed up with the mining company’s board.
« They have whatever it takes to continue to scale their operations and make bitcoin mining a lot more effective, and we’re thrilled to support their mission. »
Toute l’actualité en temps réel, est sur L’Entrepreneur
