Genesis Digital Assets – one of the world’s largest crypto mining operators – has garnered more than $125 million in new funds. The money came through a funding round led by London-based private equity firm Kingsway Capital.
Genesis Digital Assets Garners More than $100 Million in Funds
The crypto mining scene has been at the heart of much controversy in recent months. While the space is necessary to ensure more crypto units wind up in circulation, there are many environmentalists out there that would like to see the entire space become null and void, claiming that extracting bitcoin and other forms of crypto somehow put a serious dent in the Earth’s atmosphere.
Men like Elon Musk of Tesla and SpaceX fame, for example, have been seriously adamant about making mining more environmentally friendly. Musk had previously decided that Tesla would be in the right frame of mind to accept digital currency payments for goods and services, but later rescinded this decision when he allegedly discovered how dangerous mining was, while Kevin O’Leary of “Shark Tank” fame has said he would no longer be purchasing bitcoin mined in China given that the country relied too heavily on coal to run its mining rigs.
But situations like these show that the mining sector is still alive and kicking. Genesis Digital revealed in a statement that it was planning to use the money to build up its industrial-scale mining operations and purchase new equipment so that it can boost current extraction levels. The company was founded in the year 2013 and has since created more than 20 industrial-scale mining farms and placed more than $1 billion in BTC in circulation.
Abdumalik Mirakhmedov – executive chairman and co-founder of Genesis Digital Assets – said in an interview:
Our mission is to provide the infrastructure that will power the open-source monetary system revolution, and we’re excited to have Kingsway Capital and Manuel on board as we continue to scale our cryptocurrency mining operations.
The Crypto Mining Space Continues to Grow
Manuel Stotz – CEO of Kingsway – was also quick to throw his two cents into the mix, explaining:
Bitcoin is going to be the most important technology for financial inclusion of the global poor and unbanked, and mining provides security to make this possible. The GDA team has been building highly profitable largescale bitcoin mining farms for nearly eight years, and the industry has only been around for 12. There’s no one else in the bitcoin mining industry that has this level of experience and we’re incredibly excited to support their next wave of growth and long-term vision.
Despite falling crypto prices, mining and digital asset firms across the globe have seen their funding revenue explode in 2021. Crypto exchange FTX, for example, recently managed to raise just shy of $1 billion, thereby marking a new funding record for any crypto-based enterprise in existence.