Bitcoin Miner Genesis Digital Assets Raises $431M For Expansion

Major Bitcoin BTC/USD miner Genesis Digital Assets has  raised $431 million in funding to expand its mining operations in the U.S. and Nordics.

The new funding was led by Paradigm, which is one of the biggest cryptocurrency investment companies. Paradigm has supported companies like Coinbase and FTX.

Matt Huang, co-founder and managing partner of Paradigm, has joined the Genesis Digital Assets board of directors. 

Genesis Digital Assets co-founder and CEO Marco Streng has said  the fund will help the company expand its operations in the clean energy space.

The company aims to reach 1.4 gigawatts in mining capacity by 2023.

Other investments, including the $11 billion in assets, are from NYDIG and several venture capital firms and investment management firms like Ribbit, Electric Capital, Skybridge, Kingsway Capital and FTX crypto exchange.

"Over nearly a decade, GDA's team have built what we regard as the most impressive bitcoin mining operation in the world. They have everything it takes to continue to scale their operations and make bitcoin mining even more efficient, and we're thrilled to support their mission," said Huang while talking about the expansion plan.

In July, the company had raised $125 million in equity funding to fuel North American and Nordic expansion.

In August, the company purchased about 20,000 new Bitcoin mining devices from Chinese mining giant Canaan. 

According to the report, Genesis Digital's mining capacity has increased from 140 megawatts to over 170 megawatts as of September.