Genesis Digital Assets announces new data center in Texas

Major U.S.-based Bitcoin (BTC) mining firm Genesis Digital Assets is building a new data center in West Texas. 

According to the firm’s Nov.1 announcement, the new industrial-scale BTC mining data center will have a capacity of 300 megawatts and will operate using unspecified “sustainable infrastructure.” Its energy will be sourced from the Electric Reliability Council of Texas (ERCOT).

As part of the announcement, Genesis co-founder and executive chairman Abdumalik Mirakhmedov emphasized that “sustainability” is a key part of the firm’s plans for “rapid expansion.”

ERCOT supplies more than 26 million customers in Texas with electricity. As of April this year, 42% of its energy supply was sourced from wind and solar.

Genesis is one of the largest Bitcoin miners in the U.S., with the firm estimating it has mined more than $1 billion worth of BTC since its launch in 2013. As of October 2021, Genesis’ data centers represented an operational capacity exceeding 170 megawatts or a total hash rate of 3.8 exahashes per second (EH/s).

The firm has outlined that another 9.4 EH/s will go “online during the next 12 months,” with the company aiming to surpass a total capacity of 1.4 gigawatts by the end of 2023. Genesis estimates it represented 2.4% of the Bitcoin network’s total hashing power during September.

Major U.S.-based Bitcoin (BTC) mining firm Genesis Digital Assets is building a new data center in West Texas.

Related:Bitcoin miner maker Canaan records highest quarterly profit since 2019 IPO

Genesis has raised a total of $556 million from two separate funding rounds in 2021 to fuel its aggressive plans for expansion.

In July, the firm announced a $125 million equity funding round, with some of the funds going towards a deal to purchase 20,000 Bitcoin miners from Canaan the following month. As part of the deal, Canaan also granted Genesis an opportunity to purchase up to 180,000 additional BTC mining machines.

In September, the firm secured $431 million to expand its U.S. and Norther European operations in a funding round led by Paradigm.