Genesis Digital Assets Announces New Data Center in Texas

The largest American Bitcoin (BTC) mining company Genesis Digital Assets is building a new data center in West Texas.

According to the company’s November 1st announcement, the new BTC mining data center will be on an industrial scale it will have a capacity of 300 megawatts and be operated with an unspecified “sustainable infrastructure”. Your power will come from the Texas Electrical Reliability Council (ERCOT).

As part of the announcement, Genesis co-founder and CEO Abdumalik Mirakhmedov underlined that “Sustainability” is an integral part of the company’s “rapid expansion plans”.

Genesis Digital Assets Announces New Data Center in Texas
Genesis Digital Assets Announces New Data Center in Texas

ERCOT supplies more than 26 million customers in Texas with electricity. In April of this year, 42% of the energy supply came from wind and sun.

Genesis is one of the largest bitcoin miners in the United States; The company estimates it has mined more than $ 1 billion worth of BTC since it was launched in 2013. In October 2021, Genesis data centers represented over 170 megawatts of operating capacity, or a total hash rate of 3.8 exahashes per second (EH / s)..

The company has stated that an additional 9.4 EH / s will be put “online” over the next 12 months, and the company aims to exceed a total capacity of 1.4 gigawatts by the end of 2023. Genesis estimates that it represented 2.4% of the total hashing power of the Bitcoin network as of September.

Genesis raised a total of $ 556 million from two separate funding rounds in 2021 to advance its aggressive expansion plans.

In July, the company announced a $ 125 million equity financing round, with some of the funds going to buy 20,000 bitcoin miners from Canaan the following month.. As part of the deal, Canaan also granted Genesis the option to purchase up to 180,000 additional BTC mining machines.

In September, the company raised USD 431 million in a financing round to expand its operations in the US and Northern Europe. Directed by Paradigm.

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