Genesis will spend half a billion dollars on mining development?


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The American company Genesis, which has been mining Bitcoin since 2013, raised $ 431 million in the last round of funding. The funds received, with the addition of a part of the company’s profits, will go to the creation of new mines with the aim of reaching a total capacity of 1.4 GW by the end of 2023.
Now the total consumption of Genesis ASIC miners is at the level of 170 MW in data centers scattered across North America and Europe.
❗️New mines will be concentrated in the United States, as well as Scandinavia, where a project is being developed to use alternative sources. Genesis’ only problem is equipment orders during semiconductor shortages. The mines have to be equipped with Canaan miners, which are inferior to Bitmain models in terms of performance.
?Kingsway Capital, a British private equity fund, has shown interest in financing Genesis by re-investing over a hundred million dollars in this project. Together with him, venture capitalists were: NYDIG, Ribbit, Electric Capital, as well as the FTX exchange.
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