Mining company Genesis Digital Assets raised $ 125 million

Mining company Genesis Digital Assets raised $ 125 million

American mining company Genesis Digital Assets has raised $ 125 million in equity to support business expansion in the US and Nordic countries.

According to press releaseThe round was hosted by Kingsway Capital, a UK private equity fund that manages over $ 2 billion in assets.

Its CEO Manuel Stoz joined the board of directors of Genesis Digital Assets.

Kingsway focuses on promising emerging markets. Commenting on the investment in the American firm, the head of the fund said:

"Bitcoin will be a critical technology for financially integrating poor and underbanked people, and mining provides security by making it possible."

Genesis Digital Assets plans to use the raised capital to purchase equipment and build data centers in the US and Scandinavian countries.

As of July 2021, the firm's installed capacity for mining bitcoin was over 150 MW, generating hash rates in excess of 2,6 EH / s. The indicator is expected to reach 12 EH / s over the next 5,5 months.

Recall that in April 2021, the Chinese manufacturer Canaan Creative announced the sale of Genesis Digital Assets ASIC miners in the amount of $ 93,63 million as part of a strategic partnership.

In June, the companies expanded their cooperation and announced thecontract for another 10 devices for bitcoin mining.