BTC Mining Firm Genesis Digital Assets Banks $431 Million in Funding

The mining company is in the process of expanding its operations.

Iceland-headquartered Genesis Digital Assets, a major commercial Bitcoin mining company, has completed another massive strategic funding round, raising $431 million from venture capital investors.

Announced on Tuesday, the round was led by Paradigm and participated by big names in the crypto and finance space, including NYDIG, Stoneridge, FTX, Ribbit, Electric Capital and Skybridge. Existing investor, Kingsway Capital, which invested $125 million in the mining firm earlier this year, also participated in the latest funding.

Ongoing Expansion

Genesis runs its Bitcoin mining operations with the total capacity of its data centers at over 170 megawatts. The hash rate generated from its facilities exceeds 3.3 Exahashes (EH/s), contributing 2.4 percent of the total Bitcoin hash rate.

The fresh proceeds came as the company is aiming to expand its operations in the next 12 months, adding another 8.6 Exahashes (EH/s).

Commenting on the funding, Marco Streng, Co-Founder and CEO at Genesis Digital Asset, 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 locations where clean energy is easily accessible.”

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“We’re excited to have strategic investors on board and look forward to executing our mission together.”

Though crypto companies are attracting investors at a record pace, Genesis became the first Bitcoin mining company to raise funds of this magnitude in a single round.

“Over nearly a decade, GDA’s team have built what we regard as the most impressive bitcoin mining operation in the world,” said Matt Huang, Co-Founder and Managing Partner of Paradigm, who now joined the mining firm’s board.

“They have everything it takes to continue to scale their operations and make bitcoin mining even more efficient, and we’re thrilled to support their mission.”

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