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.

AccessTimeIconNov 1, 2021 at 5:06 p.m. UTC
Updated May 11, 2023 at 7:09 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Aoyon Ashraf

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


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.