Bitcoin mining operator Genesis Digital Assets has raised $125 million in equity funding to drive its aggressive expansion plans. According to the official press release, the funding round was led by Kingsway Capital, a UK-based private equity fund with over $2 billion in assets under management [AUM] that focuses on frontier emerging markets. As part of the funding round, Kingsway’s CEO Manuel Stotz has joined the Genesis Digital Assets board of directors.
Stotz spoke about the importance of Bitcoin in terms of financial inclusion of the global poor and unbanked and said that BTC mining provides security to make this possible. He also revealed that the team behind the mining operator has been building highly profitable large-scale mining farms for approximately eight years while the industry as a whole has only been around for twelve. The exec also added,
“There’s no one else in the bitcoin mining industry that has this level of experience and we’re incredibly excited to support their next wave of growth and long-term vision.”
Bitcoin Mining Firm’s Aggressive Expansion Plans
Genesis Digital Assets plans to pour in the freshly acquired capital of $125 million to buy equipment and develop new data centers across the United States and the Nordic region. As of July 2021, the firm’s data center capacity is at more than 150MW. This represents a total hash rate of over 2.6 Exahashes (EH/s); which accounts for almost 3% of the global Bitcoin mining hash rate. Within a year, the BTC mining firm anticipates an additional 5.5 EH/s to be online. Besides, the GDA also expects to reach a capacity of over 1 gigawatt by the end of 2023.
Following the development, Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, reportedly stated,
“Our mission is to provide the infrastructure that will power the open-source monetary system revolution and we’re excited to have Kingsway Capital and Manuel onboard as we continue to scale our mining operations.”