Cryptocurrency mining provider Genesis Digital Assets has announced it has raised $431 million in a funding round led by investment firm Paradigm. The company said in a press release other investors, including NYDIG, FTX, Electric Capital, and Skybridge also joined the round.
Genesis plans to use the proceeds to expand its bitcoin (EXANTE: Bitcoin) mining operations in locations where clean energy is "easily accessible," said Marco Streng, CEO and Co-Founder of Genesis Digital Assets.
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"We are excited to have strategic investors on board and look forward to executing on our mission together," Streng added.
The latest investment round is a part of the company's plan of bringing 1.4 gigawatts online by 2023. As of September 2021, Genesis data center has capacity over 170 megawatts (a total hashrate exceeding 3.3 Exahashes (EH/s)). The company aims to bring additional 8.6 Exahashes (EH/s) during the next 12 months.
The funding also comes after Canaan announced that they have secured a purchase order from Genesis Digital Assets Limited, for 20,000 of its bitcoin mining machines. In total, Canaan has granted Genesis an option to purchase up to 200,000 additional mining machines.
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