American Bitcoin mining company (BTC) Genesis Digital Assets is building a new data center in West Texas.
According to the company’s announcement on Monday, the new industrial-scale BTC mining data center will have a capacity of 300 megawatts and will operate with an unspecified “sustainable infrastructure”. Electricity will be sourced from the Electricity Reliability Council of Texas (ERCOT).
As part of the announcement, Genesis co-founder and CEO Abdulmalik Mirakhmedov stressed that “sustainability” is integral to the company’s plans for “rapid expansion.”
ERCOT supplies electricity to over 26 million customers in Texas. As of April this year, 42% of the energy supply came from wind and solar energy.
Genesis is one of the largest Bitcoin miners in the United States, and the company estimates that it has mined over $ 1 billion in Bitcoin since launching in 2013. Since October 2021, Genesis data centers have represented more than 170 megawatts of operating capacity, or 3.8 total hashrate for others (EH / s).
The company explained that an additional 9.4 EH / s will be “online over the next 12 months,” as the company aims to exceed its total capacity of 1.4 gigawatts by the end of 2023. Genesis estimates that this represents 2.4% of the total power. Bitcoin network. Total retail sales in September.
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Genesis raised a total of $ 556 million in two separate funding rounds in 2021 to support its aggressive expansion plans.
In July, the company announced a $ 125 million round of equity funding, with some of the funding going to an agreement to buy 20,000 bitcoin miners in Canaan next month. As part of the agreement, Canaan also gave Genesis the option to purchase up to 180,000 additional BTC miners.
In September, the company raised $ 431 million to expand its operations in the United States and Northern Europe through a funding round led by Paradigm.