One of the largest industrial-scale bitcoin mining operators in the world, Genesis Digital Assets, has raised $431 million in a funding round led by Paradigm as it continues its expansion plan.
The funding round included NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital.
Kingsway Capital had earlier invested $125 million in a previous round in Genesis Digital Assets this year as the mining firm sticks to its expansion objective.
Matt Huang, Co-Founder and Managing Partner of Paradigm, has joined the Genesis Digital Assets Board of Directors as part of the round. Huang said Genesis’s impressive bitcoin operation and the ability to scale are parts of the reasons Paradigm is supporting its expansion mission.
In the last 24 hours, bitcoin is down by 2.20%, with a current price of $42,260.68 as at the time of writing this. Within 24 hours, bitcoin dropped to $39,612 low and $43,307.67 high. The trading volume of bitcoin in the last 24 hours is $1.89B. The current market capitalization of bitcoin is $796.24B. Currently, $18.82M bitcoins is in circulation.
Stats and Image from Coin Desk
As for September, Genesis Digital Assets’ over 3.3 Exahashes hashrates accounted for more than 2.4% of the global bitcoin mining hashrate. Its goal is to reach over 1.4 gigawatts capacity by the end of 2023.
Genesis Digital Assets announced in August that it has reached an arrangement with Canaan, a hardware titan, to buy 20,000 additional Bitcoin mining machines.