cryptoknowmics.com
The Bitcoin mining company Genesis Digital Assets has recently raised $431 million in a strategic funding round led by Paradigm, an investment firm. The announcement made on Tuesday by Genesis Digital Assets said that other investors in the round included NYDIG, Kingsway Capital, FTX, Electric Capital, Ribbit, and Skybridge.
Genesis Digital Assets Raises Funds in a Funding Round Led by Paradigm
The self-mining business Genesis Digital Assets also revealed that Kingsway invested $125 million in a previous round back in the month of July.
The Co-Founders of Genesis Mining, the firm which has been offering cloud mining services since its launch back in the year 2013.
In addition to this, it should be noted that Genesis is planning to use the proceeds to fuel its hash rate expansion in order to hit the goal of having 1.4 gigawatts of energy capacity dedicated to Bitcoin mining by the year 2023.
Marco Streng, the CEO and Co-Founder of Genesis Digital Assets, laid an emphasis on the expansion of Bitcoin mining operations and said:
"As we work towards our goal of bringing 1.4 gigawatts online by 2023, the capital raised from this round will be used to expand our bitcoin mining operations in locations where clean energy is easily accessible. We're excited to have strategic investors on board and look forward to executing on our mission together."
The Hashing Power of 3.3 Exahashes per Second
As of the month of September, the company touts a proprietary hashing power of over 3.3 exahashes per second, which accounts for about 2.5% of the current Bitcoin network’s hash rate.
Matt Huang, the Co-founder and managing partner of Paradigm has recently joined the board of directors of the company. This has been done as part of the recent investment plan that contributes to the aim of Genesis Digital Assets.