Genesis Digital Expands in US With 300MW Bitcoin Mining Facility in Texas

Genesis is building a new bitcoin mining facility to expand its North American operations using power partially from renewable energy sources.

Nov 1, 2021 at 5:06 p.m. UTC
Updated Nov 1, 2021 at 5:20 p.m. UTC

Genesis Digital Assets is building a new self-hosted bitcoin mining data center in West Texas with 300 megawatt of capacity and power sourced from Electric Reliability Council of Texas (ERCOT), according to a statement on Monday.

  • Genesis Digital said ERCOT sources more than 40% of its energy from wind and solar power, consistent with the company’s goal to mine bitcoin with renewable energy.
  • “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,” Executive Chairman and co-founder Abdumalik Mirakhmedov said in the statement.
  • The company said it currently has mining power of over 3.8 exahash per second, which is more than 2.4% of the global bitcoin mining hashrate.
  • The total network hashrate, or computing power, for bitcoin was about 144 EH/s as of Oct. 31, according to data analytics firm Glassnode.
  • On Sept. 21, Genesis Digital said it raised $431 million to expand its bitcoin mining operations in North America and the Nordic region.
  • The company plans to bring online another 9.4 EH/s mining power in the next 12 months and expects to reach a capacity of 1.5 gigawatts by the end of 2023.
  • Genesis Digital Assets is not related to Genesis, the crypto lending firm owned by CoinDesk parent company Digital Currency Group.

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Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets