American mining company Genesis Digital Assets has announced that it has begun construction of a new 300MW Bitcoin mining center in West Texas, USA.
40% of the planned capacity is paid for by the Texas Grid Corporation Electrical Reliability Commission for wind and solar power generation costs.
Co-Founder and CEO Abdumalik Mirakhmedov said, “We are committed to ESG’s commitment to continuous expansion.
The current computing power of Genesis Digital Assets is 3.8 EH/s. The company expects to increase this figure to 9.4 EH/s over the next 12 months and increase its installed capacity to 1.5 GW by the end of 2023.
Genesis Digital Assets raised $431 million in September.
The company previously had a strategic partnership with Chinese mining equipment manufacturer Canaan. As part of the contract, Genesis Digital Assets has agreed to purchase Bitcoin mining equipment for $94 million.
In June, the two sides expanded cooperation and signed a contract to supply 10,000 miners.
Last August, Genesis Digital Assets got the option to order 20,000 hardware from Canaan and acquire an additional 180,000 miners.
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