After the crackdown in China, other Bitcoin miners see their hour. With Genesis Digital Assets, too, the signs are pointing to expansion.
Genesis Digital Assets has successfully completed a financing round. The bitcoin mining company raised $ 125 million. The money is said to go to “aggressive expansion plans”.
the Press release dated July 28th, it can be seen that the funds come from the British capital fund Kingsway Capital. Genesis plans to use the funds to acquire additional mining machines and to start up new data centers in Scandinavia and the USA.
The financing deal also includes the addition of Kingsway CEO Manuel Stotz to the board of directors of the mining company. In a statement, Stotz highlighted Genesis’ many years of experience in Bitcoin mining. In addition, he also expressed his trust in crypto currency No. 1:
Bitcoin will be the primary technology for the financial inclusion of the poor and bankless people in the world, and mining provides the security to make it happen.
Bitcoin miner on expansion course
Genesis’s expansion plans are indeed ambitious. The company plans to triple its hash rate from 2.6 exahash per second to 8.1 over the next 12 months. The company is not the only one that wants to make a profit from the current state of Bitcoin mining. With the disappearance of the Chinese mining providers, the industry is undergoing extensive restructuring.
For example, US Stronghold Digital Mining applied for a $ 100 million IPO on July 27th. The Bitcoin miners, who claim to be geared towards sustainability, plan to increase their own hashrate by 75 percent by the end of 2022.
In Southeast Asia, capital has also flowed into Bitcoin mining in recent days. Because Jasmine Telecom Systems announced the entry into the mining game. The Thai telecom provider aims to operate the largest mining operation in Southeast Asia by 2024. For this purpose, the acquisition of 50 thousand mining devices is planned.