Bitcoin Mining Operation Genesis Digital Assets Announces New Data Center in West Texas – Mining Bitcoin News

Following a series of acquisitions of ASIC mining rigs from manufacturer Canaan, Bitcoin mining company Genesis Digital Assets announced Monday that the company is developing an industrial-scale Bitcoin mining data center in West Texas. According to the announcement, Genesis says the new facility will have a capacity of 300 megawatts with a “low carbon footprint.”

Genesis announces new Bitcoin mining facility with 300 megawatt capacity

The mining company Genesis Digital Assets has announced the launch of a new Bitcoin mining facility in West Texas. Genesis' data center is powered by the Electric Reliability Council of Texas (ERCOT). ERCOT is a major electricity provider in Texas and statistics show that the company supplies 90 percent of the state's electrical load. Genesis emphasizes that the new 300 megawatt data center will feature “sustainable infrastructure, high efficiency and a low carbon footprint.”

The announcement of the Texas facility follows a series of mining rig acquisitions involving Genesis with Chinese ASIC manufacturer Canaan. In August, Bitcoin.com News reported Genesis purchased 20,000 ASIC miners from Canaan and the company was given the option to purchase 180,000 ASIC mining rigs at a later date. Genesis says the new West Texas operation will “create job opportunities” and “provide work for local contractors.”

Abdumalik Mirakhmedov, the CEO and co-founder of Genesis Digital Assets, confirms that the new facility will help strengthen local employment opportunities. “As we continue our rapid expansion plans in the United States, we remain committed to our sustainability and social commitment by finding ways to power our industrial Bitcoin mining farms with renewable energy and create jobs for the local communities in which we operate,” Mirakhmedov said in a statement.

Genesis hopes to manage 1.4 GW of new data centers by 2023

Genesis recently signed a significant one Procurement deal and has also raised more than $550 million in funding this year. The recent Genesis financing was led by Paradigm, with participation from Alameda Research, Ribbit, Electric Capital, NYDIG, Stoneridge, Skybridge and Kingsway Capital. The mining operation hopes to operate "1.4 GW of new data centers" by 2023, and to date, Genesis maintains over 170 megawatts, or 3.8 exahashes (EH/s) of dedicated hashpower for the Bitcoin ( BTC ) network.

“We are full speed ahead in our mission to provide the infrastructure that powers the future of money,” said Andrey Kim, COO and co-founder of Genesis Digital Assets. “This new data center marks another important milestone in realizing our big vision.”

A number of Bitcoin mining operations have now relocated to the state of Texas, such as Bitmain, Argo Blockchain, and EZ Blockchain. Just recently a number of oil producers met with the heavyweights of the Bitcoin mining industry to see how the two industries could work together. Texas has steadily emerged as a major Bitcoin mining hub over the past year.

What do you think about Genesis Digital Assets announcing a new Bitcoin data center in West Texas? Let us know your thoughts on this topic in the comments below.

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