Kingsway Capital leads $125M funding round in bitcoin miner Genesis Digital Assets
Genesis Digital Assets, one of the world’s oldest crypto mining companies, raised $125 million in a growth funding led by UK-based private equity fund, Kingsway Capital with participation from a host of other investors.
Genesis Digital Assets was formed back in April through a partnership between five founders, Marco Streng and Marco Krohn from Genesis Mining and three former mining industry executives. The brand is the brainchild of one of the largest bitcoin mining operations in the world, Genesis Mining.
Genesis Digital Assets’ Bitcoin mining capacity reached over 150 megawatts. This means that, as of July, the company has seized control of 2.5% of the total network hashrate, which is now exceeding 2.6 Exahashes (EH/s). The company plans to triple its mining capacity by adding another 5.5 Exahashes (EH/s) in the next 12 months. And by the end of 2023, Genesis Digital Assets expects its mining power to reach a capacity of over 1 gigawatt.
This milestone hastens the migration of more global mining power from China, which hosts around 75% of the world’s bitcoin mining capacity, to North America. Well before China decided to crackdown on mining facilities, the landscape has been shifting as more regions want to plug into the national grid
With fresh capital in hand, Genesis is poised for further success with these funds set to go toward the acquisition of mining rigs and optimization of its renewable energy technology in those warm conditions.
Commenting on the funding, Manuel Stotz, CEO of Kingsway Capital said: “Bitcoin is going to be the most important technology for financial inclusion of the global poor and unbanked and mining provides security to make this possible. The GDA team has been building highly profitable large-scale bitcoin mining farms for nearly eight years and the industry has only been around for twelve. There’s no one else in the bitcoin mining industry that has this level of experience and we’re incredibly excited to support their next wave of growth and long-term vision.” As part of the round, Manuel Stotz has joined the GDA board of directors.
Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, added: “Our mission is to provide the infrastructure that will power the open-source monetary system revolution and we’re excited to have Kingsway Capital and Manuel onboard as we continue to scale our mining operations.”