Bitcoin Mining Company Genesis Digital Raises $ 125 Million to Expand Mining Operations

Bitcoin miner Genesis Digital Assets (GDA) has announced a $ 125 million funding round to support aggressive expansion plans.

Funding round will be led by UK-based private equity fund Kingsway Capital. Focused on frontier emerging markets, Kingsway has more than $ 2 billion in assets under management (AUM). GDA will use the capital to purchase equipment and build new data centers in the United States and the Nordic region.

Genesis Digital Assets data center capacity is over 150 megawatts as of July 2021. This translates to a total hash rate of over 2.6 Exahash (EH / s); over 2.6% of the global Bitcoin hash mining rate. In the next 12 months, GDA expects another 5.5 EH / s to come online, with a capacity of more than a gigawatt expected by 2023.

Kingway Trust

Manuel Stotz, CEO of Kingsway Capital, believes that Bitcoin will be the most important technology for the financial inclusion of the world’s poor and non-banks. Since mining provides the security to make these transactions possible, believe in the merit of the investment. Stotz also highlighted GDA’s experience, having been in existence for the last 8 years of the 12 years of the mining business.

“re is no one else in the bitcoin mining industry who has this level of experience and we are incredibly excited to support their next wave of growth and long-term vision,” said Stotz, who also joined the GDA board of directors.

Read also Business giant Hankook prepares Crypto, NFT Move

Cryptocurrency mining exchange

Although cryptocurrency mining has a bad reputation for having a large carbon footprint, ESG’s efforts have started to take effect. When Elon Musk announced that Tesla would no longer accept Bitcoin due to environmental concerns, he cited a study from the University of Cambridge.

Now the latest Cambridge Bitcoin Electricity Consumption Index shows a big shift in the cryptocurrency mining industry towards cleaner energy sources. crackdown is forcing miners to relocate to other countries and seek friendlier energy sources.

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