BTC Genesis Digital Assets Miner Secures $431 Million Funding

BTC Genesis Digital Assets Miner Secures $431 Million Funding

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This funding comes on the heels of another that ended in July, when the company secured $125 million from investors.

Genesis Digital Assets (GDA), a mining company in Bitcoin The fastest growing, it has completed another round of financing as it seeks to further develop its mining operations.

Society announce On September 21, it raised $431 million in a new round of funding from major crypto investors. Paradigm specifically led this roundtable, with GDA raising funds from other major players such as New York Digital Investment Group (NYDIG), UK-based Kingsway Capital, venture capital firm Ribbit, Electric Capital, and cryptocurrency platform FTX.

GENESIS DIGITAL ASSETS lift $125 million in July, with Kingsway Capital at the head of this funding round. The rally follows explosive growth from Genesis, which has used funds to purchase more bitcoin miners for its facilities in North America and the Nordic region.

Genesis was one of the first companies to mine bitcoin, having hit “digital gold” since 2013.

In June, it acquired 10,000 mining machines from Canaan Mining Equipment Company, before adding another 20,000 miners in August. These purchases could increase by another 180,000 BTC miners, announce Genesis last month after its partnership with Canaan.

The additional miners allowed the Iceland-based company to significantly increase its computing capacity. according to website , the total hash rate in September 2021 was 3.3 exahs per second (pe/s).

This represents, according to the data, more than 2.4% of the global Bitcoin hash rate. The company wants to increase its capacity from 170 megawatts to about 1.4 gigawatts, adding 8.6 EH/s to retail capacity by October 2022.

The latest round of funding comes after a fifth consecutive week of inflows into Bitcoin investment products, with market sentiment being positive despite recent price drops that saw BTC drop to $40,000.

With the increased interest, the market appears to be considering an increase in the price of Bitcoin.

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