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Bitcoin Miner Genesis Digital Locks In 708 MW of Energy for Mining

The power capacity of the mining company is spread across sites in west Texas, as well as North and South Carolina.

By Eliza Gkritsi
AccessTimeIconAug 11, 2022 at 10:00 a.m. UTC
Updated May 11, 2023 at 5:35 p.m. UTC
Bitcoin mining rigs (Eliza Gkritsi/CoinDesk)
Bitcoin mining rigs (Eliza Gkritsi/CoinDesk)
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Bitcoin miner, Genesis Digital Assets, secured 708 megawatts (MW) of power capacity for mining in the first six months of the year.

  • The miner said in a Wednesday press release the power capacity is spread across sites in west Texas, as well as North and South Carolina.
  • Privately held Genesis Digital Assets is separate entity from Genesis Trading, the crypto lending firm owned by CoinDesk's parent company, Digital Currency Group.
  • The New York-based company didn't specify at what stages of development the different sites are or when they will be ready to start operating. It had not responded to CoinDesk's request for comment by the time of publication.
  • Bitcoin mining sites can take months to complete.
  • Genesis raised $431 million to expand operations in North America and the Nordic countries in a funding round led by Paradigm Ventures last September, just two months after it raised $125 million in a round led by Kingsway Capital.
  • Prior to the new sites, the miner had contracted for 100MW in Sweden, 300MW in Texas and an undisclosed amount in South Carolina, according to its website.
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    • UPDATE (Aug. 24, 2022, 15:30 UTC): Updates headline, first sentence and second bullet to clarify distinction between Genesis Digital and Genesis Trading.

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    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.

    Eliza Gkritsi
    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

    Follow @egreechee on Twitter

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