US-based Bitcoin mining company Genesis Digital Assets secured $431m on Tuesday in a funding round that featured cryptocurrency derivatives exchange FTX.
Crypto investment firm Paradigm led the round, which was filled out by Nydig, Stoneridge, Ribbit Capital, Electric Capital, SkyBridge and Kingsway Capital, the last of which had provided $125m for the company just two months ago.
Genesis aims to be the largest and most profitable Bitcoin mining operation by 2025 and claims to already account for 2.4% of the Bitcoin network, with a data centre capacity of 150 MW.
The funds will be used to expand the company’s mining operations using clean energy, and it expects to reach 1 GW of capacity by the end of 2023. It said the round is the largest so far disclosed by a Bitcoin miner.
The energy intensive nature of Bitcoin mining has increasingly been pushing operations to regions like Scandinavia which have abundant clean energy and natural cooling capacity, both of which reduce costs.
Marco Streng, co-founder and chief executive of Genesis, said: “As we work towards our goal of bringing 1.4 GW 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. We are excited to have strategic investors on board and look forward to executing on our mission together.”
