Genesis Digital Assets collected $431 million in the next round of financing – Bits Media

Icelandic mining company Genesis Digital Assets has collected $431 million in the next round of financing. Investment firm Paradigm became the leader of the round.

In addition to Paradigm, NYDIG has invested in, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge и Kingsway Capital. At the same time, Kingsway invested in Genesis Digital Assets $125 million and during the previous round of funding.

In early September, Genesis Digital Assets purchased 20 000 ASIC miners at Canaan Creative. Besides, the equipment manufacturer gave the company an option to buy more 180 000 devices. The collected funds can be used to buy this option and supply a record amount of equipment..

“Since we are planning to place the equipment on 1.4 GW by the end 2023 of the year, funds, collected in this round of funding, will go to expand our business in places, where there is easy access to renewable energy sources. We are glad to see many strategic investors and we will strive to fulfill our mission together ", - emphasized the CEO and co-founder of Genesis Digital Assets Marco Streng (Marco Streng).

At the moment, Genesis Digital Assets equipment generates a hash rate in 3.3 Ehs, which is about 2.5% of the total hashrate of the Bitcoin network. Earlier, the Supreme Court of China ruled to return the company 485 000 AMD Radeon RX470 graphics cards 8 GB of video memory. The cost of the equipment is estimated at $200 million.