Genesis Digital Assets Plans 100% Clean Energy Mining Center in Sweden

The new facility will be powered by a mix of hydro, nuclear and wind energy sources.

AccessTimeIconMar 3, 2022 at 11:29 p.m. UTC
Updated Mar 4, 2022 at 3:14 p.m. UTC

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

Genesis Digital Assets, a privately held industrial-scale bitcoin miner, plans to start a new self-hosted bitcoin mining data center in Sweden, which is expected to have up to 100 megawatts of power capacity.

  • The facility will be on line by 2024 and will be powered by 100% clean energy sources, the miner said in a statement on Thursday.
  • The energy mix at the facility in Sweden will be 54.5% hydro, 42.8% nuclear and 2.7% wind powered, a company spokesperson told CoinDesk.
  • “This latest expansion aligns with GDA's focus to identify ways to power our facilities with clean energy while also creating jobs for the local economy,” said Tim Liepold, head of power at Genesis Digital Assets.
  • In September, Genesis raised $431 million to expand its bitcoin mining operations in North America and the Nordic region in a funding round that was led by Paradigm Ventures. That was on top of the $125 million the miner raised in July in a funding round that was led by Kingsway Capital.
  • In November, Genesis said that it is building a new self-hosted bitcoin mining data center in West Texas with 300 megawatt of capacity.
  • Genesis Digital Assets is different from 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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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

CoinDesk - Unknown

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

Trending

1
CoinDesk - Unknown
Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market

Private and publicly listed crypto miners owe up to $4 billion in debt used to finance the construction of gargantuan facilities across North America, according to industry participants and data compiled by CoinDesk.

CoinDesk - Unknown
2
CoinDesk - Unknown
Chainlink’s Smart Contract Products Go Live on Fantom

Two protocols, Keepers and VRF, will allow developers to deploy more sophisticated applications on the Fantom network.

CoinDesk - Unknown
3
CoinDesk - Unknown
Metagood: Bringing Social Good to Web 3

Bill Tai and Amanda Terry discuss Metagood, a NFT for social good platform.

CoinDesk - Unknown
4
CoinDesk - Unknown
Deutsche Bank: Crypto Freefall Could Continue Because of the System’s Complexity

As bitcoin and other cryptocurrencies are speculative, high-risk assets, they are disproportionately affected by central bank tightening, the bank said.

CoinDesk - Unknown