LOGO_CRYPTO_SIGHT

Genesis Digital Assets Revealed Set-up Of New Texas-based Data Facility

By Shannon Wilson | November 2, 2021
thecryptosight-digital-asset-and-isda-to-use-smart-contract-tool-to-standardize-derivatives-trading

A high-profile Bitcoin (BTC) mining entity from the US Genesis Digital Assets is reportedly setting up a new facility for data storing located in West Texas. 

Specifically revealed by the company on November 1st, the freshly built industrial-scale BTC mining data facility will reportedly come with a 300 megawatts power capability, and will be utilizing unspecified “sustainable infrastructure” to support its operation. 

Its energy will be sourced from the Electric Reliability Council of Texas (ERCOT).

As included in the announcement, Genesis co-founder and executive chairman Abdumalik Mirakhmedov reportedly highlighted that “sustainability” is a crucial factor in the company’s strategy for “rapid expansion.”

ERCOT reportedly caters to over 26 million customers in Texas with their electricity. Up to April of 2021, 42% of its energy supply was generated from wind and solar.

Genesis is reportedly among the top-tier Bitcoin miners operating in America, with estimation from the company generated a figure of over $1 billion equivalent of BTC mined, since its launch in 2013.

 As of October this year, Genesis’ data centers jointly displayed an operational capacity surpassing 170 megawatts, or a total hash rate of 3.8 exahashes per second (EH/s).

The company has reportedly revealed that an additional 9.4 EH/s will be dedicated towards “online during the next 12 months”, with the firm gearing towards surpassing an overall capacity of 1.4 gigawatts by the end of 2023. 

Genesis estimates it represented 2.4% of the Bitcoin network’s total hashing power during September.

Tags: , , ,

Comments