Kingsway Capital leads $125M funding round in bitcoin miner Genesis Digital Assets

abdelaziz Fathi

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.”

Read this next

Institutional FX

Tradeweb’s trading volume hits $23.2 trillion in November

Tradeweb Markets, the operator of electronic marketplaces for rates, credit, equities and money markets, has just reported its aggregated trading volumes for November 2022.

Executive Moves

CAPEX.com hires Vikas Lakhwani to join MENA business

Multi-licensed broker CAPEX.com has appointed Vikas Lakhwani as its general manager for the Gulf Cooperation Council (GCC) region.

Retail FX

Swissquote secures CySEC licence as crypto business grows

Swissquote Group, Switzerland’s provider of online trading services, has received approval from CySEC to operate as a market-making Cyprus investment firm.

Institutional FX

Moscow Exchange still enjoys solid market making volumes

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for November 2022 – the latest readings showed flat performance across the board for multiple segments.

Inside View

The Year-End FX Turn: To Everything There is a Season

By Paul Houston, Global Head of FX Products, CME Group

Crypto Insider

A Wrapup of zkSync x Bitrue’s “Ask Me Anything” Session

In another edition of Bitrue’s AMA on Twitter Space, Bitrue invited a special guest from the company behind the creation of zkSync, Matter Labs. Marco Cora, Head of Business Development from Matter Labs, joined the session to give listeners a rundown on what’s up with zkSync.

Technology

New Features, Upgrades, and Improvements: B2Broker Launches Big Update of Its Flagship CRM System B2Core

In a massive update for its flagship product, B2Core, B2Broker, one of the leading providers of liquidity and technology solutions for brokers and exchanges, has released new features. Enhancements in the update include the following to provide clients with more features, flexibility, and security:

Industry News

Will SEC v Ripple end come too late for crypto industry in the United States?

SEC v. Ripple Labs has entertained the digital asset industry ever since being filed in 22 December 2020. Nearly two years in, both parties have addressed the court to pursue a summary judgment in order to avoid going to trial.

Inside View

Outsourcing: The Key to Improving Your ROI

Gen Z, the second generation of digital natives, has already set out on its path to wealth creation, participating in the financial markets and inspiring Generation Alpha to follow suit. The current and upcoming generations of investors are increasingly looking for cutting-edge technology to aid their decision-making process. As investor demographics change and the markets become increasingly global, brokers need to evolve their ecosystem to stay a step ahead. This is the only way to survive the rapidly changing markets.

<