Genesis Digital Assets declares new knowledge heart in Texas

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Major U.S.-based Bitcoin (BTC) mining company Genesis Digital Assets is construction a brand new knowledge heart in West Texas. 

According to the company’s Nov.1 announcement, the brand new industrial-scale BTC mining knowledge heart could have a capability of 300 megawatts and can function the usage of unspecified “sustainable infrastructure.” Its power can be sourced from the Electric Reliability Council of Texas (ERCOT).

As a part of the announcement, Genesis co-founder and government chairman Abdumalik Mirakhmedov emphasised that “sustainability” is a key a part of the company’s plans for “fast enlargement.”

ERCOT provides greater than 26 million consumers in Texas with electrical energy. As of April this yr, 42% of its power provide used to be sourced from wind and sun.

Genesis is likely one of the greatest Bitcoin miners within the U.S., with the company estimating it has mined greater than $1 billion price of BTC since its release in 2013. As of October 2021, Genesis’ knowledge facilities represented an operational capability exceeding 170 megawatts or a complete hash price of three.8 exahashes in line with 2nd (EH/s).

The company has defined that any other 9.4 EH/s will move “on-line all over the following 365 days,” with the corporate aiming to surpass a complete capability of one.4 gigawatts by means of the top of 2023. Genesis estimates it represented 2.4% of the Bitcoin community’s general hashing energy all over September.

Major U.S.-based Bitcoin (BTC) mining company Genesis Digital Assets is construction a brand new knowledge heart in West Texas.

Related:Bitcoin miner maker Canaan information best possible quarterly benefit since 2019 IPO

Genesis has raised a complete of $556 million from two separate investment rounds in 2021 to gasoline its competitive plans for enlargement.

In July, the company introduced a $125 million fairness investment spherical, with one of the most budget going against a deal to buy 20,000 Bitcoin miners from Canaan the next month. As a part of the deal, Canaan additionally granted Genesis a chance to buy as much as 180,000 further BTC mining machines.

In September, the company secured $431 million to extend its U.S. and Norther European operations in a investment spherical led by means of Paradigm.

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