Sunday, April 14, 2024

Genesis Digital Assets is growing its crypto mining power

Genesis Digital Assets is a Bitcoin mining company headquartered in the USA. It’s one of the world’s most well-known Bitcoin mining companies, and its growth over the years has been remarkable. However, the company isn’t done growing and expanding just yet. It has recently announced a deal with Canaan, a crypto mining juggernaut from China. The deal will see 20,000 Bitcoin miners join the ranks at Genesis Digital Assets, which would significantly add to its already-mammoth mining power. The deal also includes the option of purchasing up to 180,000 mining machines for Genesis Digital Assets.

Abdumalik Mirakhmedov, the executive chairman and co-founder of Genesis Digital Assets, said that the deal will help the company to grow its mining operations across the Nordics and North America. He also stated that the company is completely focused on upscaling in these regions, and he also emphasized the company’s focus on consuming energy for its mining purposes from renewable sources.

One of the company’s goals, according to Mirakhmedov, is to increase its capacity to a whopping 1.4 gigawatts within 2023 end. As of July 2021, the company’s data center boasted 143 megawatts capacity, which is equivalent to 2.6 exahashes (total hash rate). This accounts for over 2.5% of the Bitcoin mining hash rate globally.

Nangang Zhang, the CEO of Canaan, said that the deal with Genesis solidifies the collaborative efforts of both companies. He also reiterated the companies’ confidence in the crypto mining industry’s prospects. The deal follows hot on the heels of July’s equity funding round, in which Genesis secured $125 million.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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