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Mining firm Genesis Digital Assets building new data center in the US

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Joyashree Dey Follow

INDIA

Nov, 11 2021

Nov, 11 2021

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On 1st November 2021 Genesis Digital Assets, one of the world's biggest most experienced Bitcoin mining companies, announced a new self-facilitated industrial-scale bitcoin mining data firm in West Texas.

According to a statement given by the company on Monday, The new data farm will have a limit of 300 megawatts with a feasible framework, high proficiency, and a low carbon impression with energy being sourced from ERCOT, where more than 40% of the source comes from wind and sunlight based power. Moreover, the facility will set out job opportunities in West Texas, alongside giving work to local contractors.

"As we continue our rapid expansion plans in the United States, we remain committed to our sustainability and social commitments, by identifying ways to power our industrial-scale bitcoin mining farms with renewable energy and create job opportunities for the local communities in which we operate," Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, commented on the new facility.

Andrey Kim, COO, and co-founder of Genesis Digital Assets said, "We're full speed ahead on our mission to provide the infrastructure that will power the future of money. This new data center marks another key milestone as we work towards executing on our big picture vision."

To help the organization's objective of launching 1.4 GW of new data centers by 2023, they've as of late marked one of the biggest acquisition bargains throughout the entire existence of the business, alongside bringing more than $550 million up in financing this year with the latest round drove by Paradigm with support from NYDIG, Stoneridge, Alameda Research, Ribbit, Electric Capital, Skybridge, and Kingsway Capital.

As of October 2021, Genesis Digital Assets' data center limit is at more than 170 megawatts, converting into an all-out hash rate surpassing 3.8 Exahashes (EH/s), which is over 2.4% of the worldwide bitcoin mining hash rate. Another 9.4 Exahashes (EH/s) will go web-based during the following year, and before the finish of 2023, Genesis Digital Assets hopes to arrive at a limit of over 1.5 gigawatts. In September alone, the organization mined 662 Bitcoins.


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Joyashree Dey

CBW - External Analyst

INDIA

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