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Bitcoin Miner Genesis Digital Assets Raises $431 Million in Funding

UTC by Sanaa Sharma · 2 min read
Bitcoin Miner Genesis Digital Assets Raises $431 Million in Funding
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While the market still reflects fierce price swings and a taxing mid-year slide, many investors have started engaging in the crypto space, shooting the prices of Bitcoins and altcoins.

Bitcoin miner Genesis Digital Assets has raised $431 Million in its recent funding round to expand its operations using clean energy. In the news announced on Tuesday, it was reported that the round was led by the crypto investment firm Paradigm. The list of other investors that took part in the funding round for Genesis Digital Assets included Bitcoin-centric technology and financial services firm NYDIG, crypto exchange firm FTX, venture capital firms Electric and Ribbit Capital, and investment management firm Kingsway Capital.

Recently in July, Kingsway Capital had invested around $125 Million in Genesis Digital Assets to purchase equipment and set up data centers in the United States and Nordic Region.

According to the co-founder and Chief Executive officer of Genesis Digital Assets, Marco Streng, the capital raised in this round will allow them to elaborately work on their operation in the clean energy space. The ongoing issue of creating a less ecologically harmful space for carrying out transactions in the crypto world has led to the elevated importance of greening Bitcoin. Streng claimed that to provide 1.4 Gigawatts online by 2023, the funds will be employed in regions where clean energy is available.

In a statement from Co-founder and Managing Partner of Paradigm, Matt Huang who has joined the Board of Directors of Genesis Digital Assets commented that the company’s team has impressively established itself as a Bitcoin miner over the past decade.

Genesis Digital Assets is one of the largest and most experienced Bitcoin mining organizations around the world. Established in 2013, the company’s founders have created around 20 industrial-scale mining farms and purchased over 300K miners.

While the market still reflects fierce price swings and a taxing mid-year slide, many investors have started engaging in the crypto space, shooting the prices of Bitcoins and altcoins.

In August, GDA purchased over 20K mining machines from China-based Manufacturer Canaan. While the price wasn’t disclosed, co-founder Abdumalik Mirakjmedov said that the machine order was a part of the ongoing operations to speedily scale Bitcoin mining operations in North America and the Nordic (where the company is targeting renewable energy sources).

Altcoin News, Bitcoin News, Blockchain News, Business News, Cryptocurrency news
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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