Home Energy assets Genesis Digital Assets announces new data center in Texas

Genesis Digital Assets announces new data center in Texas

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Large US Bitcoin (BTC) mining company Genesis Digital Assets is building a new data center in West Texas.

According to the November 1 of the company announcement, the new industrial-scale BTC mining data center will have a capacity of 300 megawatts and will operate using unspecified “sustainable infrastructure”. Its energy will come from the Electric Reliability Council of Texas (ERCOT).

As part of the announcement, Genesis co-founder and executive chairman Abdumalik Mirakhmedov stressed that “sustainability” is a key part of the company’s plans for “rapid expansion”.

ERCOT supplies electricity to more than 26 million customers in Texas. In April of this year, 42% of its energy supply was source wind and solar.

Genesis is one of the largest Bitcoin miners in the United States, with the company estimating that it has mined over $ 1 billion in BTC since its launch in 2013. As of October 2021, Genesis data centers represented operational capacity greater than 170 megawatts or a total hash rate of 3.8 exahashs per second (EH / s).

The company has indicated that an additional 9.4 PE / s will come online over the next 12 months, with the company aiming to exceed a total capacity of 1.4 gigawatts by the end of 2023. Genesis estimates that it represented 2.4% of the total Bitcoin network. hash power in September.

Large US Bitcoin (BTC) mining company Genesis Digital Assets is building a new data center in West Texas.

Related:Bitcoin miner maker Canaan posts highest quarterly profit since 2019 IPO

Genesis raised a total of $ 556 million in two separate funding rounds in 2021 to fuel its aggressive expansion plans.

In July, the company announced a $ 125 million funding round, with part of the funds going towards a deal to buy 20,000 Bitcoin miners from Canaan the following month. As part of the deal, Canaan also granted Genesis the ability to purchase up to 180,000 additional BTC mining machines.

In September, the company secured $ 431 million to expand its operations in the United States and Northern Europe as part of a funding round led by Paradigm.


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