Bitcoin miner Genesis Digital Assets has raised US$431 million, the largest known funding round announced by a bitcoin mining company.
The funding round comes as investors up their interest in the cryptocurrency market. The round was led by Paradigm and also included, NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital, who invested $125 million in a previous round earlier this year.
Investors in Kingsway Capital include the family offices of Paul Tudor Jones, Paul Marshall, and Winter Capital.
As part of the round, Matt Huang, Co-Founder and Managing Partner of Paradigm, has joined the Genesis Digital Assets Board of Directors.
Huang said: “Over nearly a decade, GDA’s team have built what we regard as the most impressive bitcoin mining operation in the world. They have everything it takes to continue to scale their operations and make bitcoin mining even more efficient, and we’re thrilled to support their mission.”
Marco Streng, CEO and Co-Founder of Genesis Digital Assets, added: “As we work towards our goal of bringing 1.4 gigawatts 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.”
As of September 2021, Genesis Digital Assets data centre capacity is at over 170 megawatts, translating into a total hashrate exceeding 3.3 Exahashes (EH/s), which is more than 2.4% of the global bitcoin mining hashrate.
Another 8.6 Exahashes (EH/s) will go online during the next 12 months, and by the end of 2023, Genesis Digital Assets expects to reach a capacity of over 1.4 gigawatts.
Genesis has mined more than $1 billion in bitcoin and recently bought 20,000 mining machines from China-based manufacturer Canaan Inc.