Genesis Digital Assets, a well-known mining firm, has announced that it would be launching a new industrial-scale Bitcoin mining facility in West Texas. Energy for the new data center will be supplied by the ERCOT (Electric Reliability Council of Texas).
ERCOT is a major power supplier in the state of Texas. Statistics indicate that the entity supplies 90% of the electric load of the state to over 26 million customers. According to Genesis, the new 300-Megawatt data center will come with sustainable infrastructure, low carbon footprint, and high efficiency.
Prior to the announcement of this new data center launch, Genesis was involved in the process of acquiring several mining rigs from Canaan, the ASIC manufacturer from China.
Genesis has revealed that another 9.4 EH/s is all set to go online over the coming year, with the firm targeting to have exceeded a total capacity of 1.4 Gigawatts by 2023 end. The Bitcoin mining company has raised $556 million totally from two different funding rounds held in 2021 to accelerate its aggressive expansion plans focused on sustainability.
The co-founder and the executive chairman of Genesis, Abdumalik Mirakhmedov confirmed that the new data center will increase the local employment opportunities. The team is also exploring more innovative ways to power their industrial-scale Bitcoin mining center with renewable energy.
In the recent past, several Bitcoin mining operations like EZ Blockchain and Bitmain have been shifting to Texas. This proves that the US state has been steadily changing into a major hub for Bitcoin mining and this is expected to work in favor of Genesis.