Icelandic mining company Genesis Digital Assets raised $ 431 million in another round of funding. Investment firm Paradigm became the leader of the round.
In addition to Paradigm, NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge and Kingsway Capital have invested. At the same time, Kingsway invested $ 125 million in Genesis Digital Assets during the previous round of funding.
In early September, Genesis Digital Assets purchased 20,000 ASIC miners from Canaan Creative. In addition, the equipment manufacturer gave the company an option to purchase another 180,000 devices. The collected funds can be used to buy this option and supply a record amount of equipment.
“As we plan to deploy 1.4 GW equipment by the end of 2023, the funds raised in this round of funding will go towards expanding our business in locations with easy access to renewable energy. We are delighted to see many strategic investors and will strive to fulfill our mission together, ”said Marco Streng, CEO and co-founder of Genesis Digital Assets.
Currently, Genesis Digital Assets equipment generates a hash rate of 3.3 Eh / s, which is approximately 2.5% of the total hash rate of the Bitcoin network. Earlier, the Supreme Court of China ordered the return of 485,000 AMD Radeon RX470 video cards with 8 GB of video memory to the company. The cost of the equipment is estimated at $ 200 million.
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