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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Genesis Digital Assets Announces New 300 MW Industrial-Scale Bitcoin Mining Data Center in West ...

November 1, 2021 GMT

PYOTE, Texas, Nov. 01, 2021 (GLOBE NEWSWIRE) --   Genesis Digital Assets, one of the largest Bitcoin mining companies in the world, today announced a new self-hosted industrial-scale bitcoin mining data center in West Texas. 

The new data center will have a capacity of 300 megawatts with sustainable infrastructure, high efficiency, and a low carbon footprint with energy being sourced from ERCOT,  where over 40% of the source comes from wind and solar power. Additionally, the facility will create job opportunities in West Texas, along with providing work for local contractors.

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Commenting on the new facility, Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, said: “As we continue our rapid expansion plans in the United States, we remain committed to our sustainability and social commitments, by identifying ways to power our industrial-scale bitcoin mining farms with renewable energy and create job opportunities for the local communities in which we operate.”

“We’re full speed ahead on our mission to provide the infrastructure that will power the future of money. This new data center marks another key milestone as we work towards executing on our big picture vision,” said Andrey Kim, COO and co-founder of Genesis Digital Assets.

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To support the company’s goal of launching 1.4 GW of new data centers by 2023, they’ve recently signed the one of the largest procurement deals in the history of the industry, along with raising over $550 million in funding this year with the most recent round  led by Paradigm with participation from NYDIG, Stoneridge, Alameda Research, Ribbit, Electric Capital, Skybridge, and Kingsway Capital.

As of October 2021, Genesis Digital Assets’ data center capacity is at over 170 megawatts, translating into a total hashrate exceeding 3.8 Exahashes (EH/s), which is more than 2.4% of the global bitcoin mining hashrate. Another 9.4 Exahashes (EH/s) will go online during the next 12 months, and by the end of 2023, Genesis Digital Assets expects to reach a capacity of over 1.5 gigawatts. In the month of September alone, the company mined 662 Bitcoins. 

About Genesis Digital Assets

Genesis Digital Assets is one of the world’s largest and most experienced Bitcoin mining companies. Since 2013, the founders of the company have built over 20 industrial-scale mining farms, brought over 300,000 miners online, and mined over $1 billion in Bitcoin.

The company was founded by five founders, Marco Streng and Marco Krohn from Genesis Mining and three former mining industry executives, Abdumalik Mirakhmedov, Andrey Kim, and Rashit Makhat.

For more information, visit genesisdigitalassets.com.

Media:

Brett@gofrontlines.com 

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