Genesis Digital Assets, a privately held industrial-scale bitcoin miner, intends to construct a new self-hosted bitcoin mining data center in Sweden, with a power capacity of up to 100 megawatts.
The miner said in a statement on March 3 that the plant will be operational by 2024 and will be powered entirely by sustainable energy sources.
The energy mix at the facility in Sweden will be 54.5 percent hydro, 42.8 percent is nuclear, and 2.7 percent wind-generated.
According to Tim Liepold, Head of Power at Genesis Digital Assets, this new expansion matches with GDA’s commitment to identifying methods to power their facilities with clean energy while also creating employment for the local economy.
This statement follows a rush of recent corporate news. In 2021, Genesis Digital Assets announced one of the largest procurement deals in the industry’s history, as well as more than $550 million raised in the most recent rounds.
In September, Genesis secured $431 million in a round-headed by Paradigm Ventures to expand its bitcoin mining activities in North America and the Nordic area. This is in addition to the $125 million raised by the miner in July, which was headed by Kingsway Capital.
Genesis said in November that it is constructing a new self-hosted bitcoin mining data center in West Texas with a capacity of 300 megawatts.
Genesis Digital Assets is not the same as Genesis, the cryptocurrency loan company owned by CoinDesk parent company Digital Currency Group.