Genesis Digital Assets Attract $ 125 Million To Expand Bitcoin Mining Operations

Genesis announced a $ 125 million round of equity funding to further expand the bitcoin miner’s operations on an industrial scale.
Genesis Digital Assets, a bitcoin mining company operating since 2013, announced a $ 125 million round of equity financing to support the company’s expansion plans.
The tour was carried out by UK private equity fund Kingsway Capital. Kingsway focuses on cross-border emerging Sundays and has more than $ 2 billion (AUM) in assets. Chief Executive Manuel Stotz, who joined the Genesis board as part of the Tour, commented on the bitcoin miner’s finances:
“Bitcoin will be an important technology for global poor and non-bank financial integration, and mining provides security to make that possible,” Stotz said. “The [Genesis] team has been building highly profitable, large-scale bitcoin mining farms for about eight years, and the industry has only been around for twelve years.”;
Stotz later said that the Genesis Foundation’s mining experience valued bitcoin and believed in the miner’s future, and that Kingsway was “incredibly happy” to support it.
The announcement says that to date Genesis has received more than $ 1 billion in bitcoins. The company has sought to expand and increase its operations in 2021 to gain a greater share of global power at the mixed rate of bitcoin mining-currently 2.6%, it said.
In April, the miner formed a strategic partnership with the maker of BITCOIN mining facilities and the first bitcoin drilling rig, based on ASIC Canaan, providing $ 93.63 million to its latest generation of facilities. That collaboration was extended in June when the rig maker announced it had received an order from the bitcoin mining company to buy 10,000 mining machines.
Abdumalik Mirahmedov, chairman and co-founder of Genesis, also commented on the $ 125 million funding round:
“Our mission is to provide an infrastructure that will contribute to the revolution of the open source monetary system, and we are excited

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
    Core Spreads 0.6pips (variable) margin: 3.33%
  • Back to top