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.

By Aoyon Ashraf

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

Updated Feb 4, 2022 at 10:06 p.m. UTC

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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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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