Major Bitcoin (BTC) mining company Genesis Digital Avails has secured $431 million in funding to expand its industrial-scale mining operations in the United States and Nordics.

The new funding round was led past Paradigm, one of the biggest cryptocurrency investment companies bankroll major industry players like Coinbase and FTX. Prototype co-founder Matt Huang has also joined Genesis Digital's lath of directors, the firm announced on Tuesday.

Other investors include the $11 billion nugget director Stone Ridge and its Bitcoin subsidiary NYDIG, and several venture uppercase firms and investment direction firms like Ribbit, Electrical Capital, Skybridge and Kingsway Capital letter, and FTX crypto exchange. Kingsway previously led a $125 million disinterestedness funding round for Genesis in July 2022.

Genesis Digital CEO and co-founder Marco Streng noted that the new funds volition assistance the company to proceed expanding operations with a goal of reaching 1.4 gigawatts in mining chapters past 2023. "The capital raised from this round will exist used to expand our Bitcoin mining operations in locations where clean free energy is hands accessible," he added.

Related: Bitcoin mining estimated to represent 0.9% of global carbon emissions in 2030

One of the largest Bitcoin miners in the Usa, Genesis Digital has been actively increasing its mining power recently, accumulating more hardware for mining the cryptocurrency. In late August, the firm purchased twenty,000 new BTC mining devices from Chinese mining giant Canaan, signing an agreement to purchase upwards to 180,000 boosted miners in the futurity.

Recently, Genesis Digital'due south mining capacity has been increasing steadily, surging from effectually 140 megawatts as of July 2022, or a total hash rate of 2.half dozen exahashes (EH/s), to over 170 megawatts, or 3.three EH/due south as of September. The visitor expects to add together some other 8.6 EH/s in the next 12 months.