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Miner continues to expand in line with its target of setting up 1.4GW of mining power by 2023.
Founder and Editor, The Tech Capital
November 02, 2021 | 12:30 AM GMT
Bitcoin mining business Genesis Digital Assets has announced it will open a new 300MW data centre in West Texas.
The company said the facility will be powered using renewable sources and produce a low carbon footprint with energy being sourced from ERCOT, where over 40% of the source comes from wind and solar power.
Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, said: “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.”
Andrey Kim, COO and co-founder of Genesis Digital Assets, added: “We are full speed ahead on our mission to provide the infrastructure that will power the future of money. This new data centre marks another key milestone as we work towards executing on our big picture vision.”
Genesis’ roadmap includes the setting up of 1.4GW of data centre power by 2023.
The company has recently signed one of the largest procurement deals in the history of the industry, along with raising over US$550 million in funding this year with the most recent round led by Paradigm with participation from NYDIG, Stoneridge, Alameda Research, Ribbit, Electric Capital, Skybridge, and Kingsway Capital.
As of October 2021, Genesis Digital Assets’ data centre capacity is at over 170 megawatts, translating into a total hashrate exceeding 3.8 Exahashes (EH/s), which is more than 2.4% of the global bitcoin mining hashrate.
Another 9.4 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 1.5 gigawatts.
In the month of September alone, the company mined 662 Bitcoins.
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