By Lucas Williams
Genesis is one of the biggest Digital Assets and mining companies. Genesis completed the homework to expand its hashing capacity more than triple, from 2.6 EH/s to 8.1 EH/s. Genesis Digital Assets has become the most recent Bitcoin mining firm to raise millions towards plans for forceful extension in the midst of the mass migration of excavators from China because of its crackdown on the area.
Genesis joined hands with UK’s Kingsway Capital, they closed fundraising on the $125million mark. The equity fundraising held on yesterday gave a huge boost to crypto miners. The capital will be assembled to buy mining equipment and dispatch new server farms in the United States and Nordic area. However, as the result of this strategic partnership, the CEO of Kingsway Capital, Manuel Stotz, will join Genesis as a member of the board of executives.
Both parties are now working on developing exceptionally productive and enormous plans of Bitcoin digging farms for almost eight years and the business has just been around for twelve. Bitcoin will be the main innovation for monetary consideration of the worldwide poor and unbanked and mining gives security to make this conceivable.”
Since its inception back in 2013, Genesis has mined bitcoin’s worth over $1billion dollars. Genesis is not the only digital assets mining company to expand its mining operation worldwide amid China’s crackdown against bitcoin mining. But some of the world’s other crypto mining companies are also looking to expand their mining operations while Russia and U.S have already offered their territories for bitcoin mining.
However, in another latest development, Chinese-based Bit Mining announced that company has agreed on the terms and conditions to add 2,500 new bitcoin mining machines with an estimated worth of $6.6 million. The machines will be installed in Kazakhstan, the deployment of these machines will enhance the company’s hash rate up to 165 PH/S. The fact is that bitcoin mining has become extremely decentralized over the past 2 years and relatively smaller mining firms have increased their international market mining share. Cointelegraph likewise revealed that the Chinese hash rate had been consistently declining for over one year paving the way to the crackdown, with China’s hash power contracting from 75.5% of the worldwide all out in September 2019 to 46% as of April 2021.
However, it has been expected that Genesis will expand its hashing capacity up to 5.5 exahashses by the end of the year 2023. The recent signs are encouraging for the bitcoin mining community. Bitcoin’s recent popularity is really welcoming news for the traders and community. U.S and Russian authorities are aggressively working on capitalizing on bitcoin mining.