Genesis Digital Assets Expands Bitcoin Mining Operations in West Texas
Genesis Digital Assets Limited (GDA), a private company with offices in the United Arab Emirates and the United States, is expanding its bitcoin (BTC) mining operations in West Texas. The company is increasing its energization by 50 megawatts (MW) across its Pyote and Vernon sites, bringing its total power capacity to over 600 megawatts (MW).
Background
Genesis Digital Assets is a significant player in the global cryptocurrency mining industry, with a total hashrate that the company’s Executive President, Abdumalik Mirakhmedov, claims is "one of the largest in the world in terms of this metric." For comparison, public companies like Bitdeer (BTDR) and Riot Platforms (RIOT) have capacity of almost 900 MW and over 1 gigawatt (GW), respectively.
New Deployment
The latest deployment includes two 20 MW buildings at the Pyote site, increasing its capacity to 195 MW. The Vernon site will also receive a 10 MW container setup, bringing its total capacity to 70 MW. The Pyote site has the potential to expand up to 370 MW, according to GDA’s website.
Demand-Response Program
Genesis Digital Assets will be utilizing Texas’ demand-response program, which allows the mining operation to turn off its rigs during peak electricity demand and receive compensation for it. This innovative approach helps reduce the strain on the state’s grid and benefits the company by minimizing its energy costs.
Global Operations
Genesis Digital Assets operates 20 data centers across multiple jurisdictions, including Texas, South Carolina, Sweden, and Argentina. Several of these centers rely on green energy sources, such as wind, hydro, nuclear, and flared gas.
Exploring Synergies
According to Mirakhmedov, "Bitcoin mining is GDA’s core business. The company is currently exploring synergies with other emerging industries, including AI, to enhance and expand its mining operations."
Conclusion
Genesis Digital Assets’ expansion in West Texas marks a significant milestone in the company’s growth strategy. By leveraging the state’s demand-response program and increasing its capacity, GDA is poised to further strengthen its position in the global cryptocurrency mining landscape.
FAQs
Q: What is Genesis Digital Assets’ total power capacity?
A: Genesis Digital Assets has a total power capacity of over 600 MW.
Q: What is the company’s hashrate capacity?
A: Genesis Digital Assets’ Executive President, Abdumalik Mirakhmedov, claims it is "one of the largest in the world in terms of this metric."
Q: What is the demand-response program, and how does it benefit Genesis Digital Assets?
A: The demand-response program allows Genesis Digital Assets to turn off its rigs during peak electricity demand and receive compensation for it, reducing the strain on the state’s grid and minimizing energy costs.
Q: What are the primary energy sources used by Genesis Digital Assets’ data centers?
A: Several of Genesis Digital Assets’ data centers rely on green energy sources, including wind, hydro, nuclear, and flared gas.
