Genesis Digital Assets, one of the largest industrial-scale bitcoin mining operators in the world, has raised $125 million round of equity funding to support aggressive expansion plans. The funding round comes from Kingsway Capital, a UK-based private equity fund focused on frontier emerging markets with over $2 billion in assets under management (AUM).
Commenting on the funding, Manuel Stotz, CEO of Kingsway Capital said: “Bitcoin is going to be the most important technology for financial inclusion of the global poor and unbanked and mining provides security to make this possible. The GDA team has been building highly profitable large-scale bitcoin mining farms for nearly eight years and the industry has only been around for twelve. 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.” As part of the round, Manuel Stotz has joined the GDA board of directors.
Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, said: “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.”
Genesis Digital Assets will use the $125 million in capital to purchase equipment and build new data centers in the United States and nordic region.
As of July 2021, Genesis Digital Assets data center capacity is at over 150 megawatts, translating into a total hashrate exceeding 2.6 Exahashes (EH/s), which is more than 2.6% of the global Bitcoin mining hashrate. Another 5.5 Exahashes (EH/s) will be online in the next 12 months and by the end of 2023, Genesis Digital Assets expects to reach a capacity of over 1 gigawatt.