One of the largest industrial-scale Bitcoin mining operators globally, Genesis Digital Assets, made the announcement on July 28.

The firm stated that it had secured a $125 million round of equity funding to support “aggressive expansion plans.” The round comes from the U.K.-based private equity fund Kingsway Capital. This fund is focused on frontier markets and has more than $2 billion of assets under management.

Genesis Digital Assets plans use the funding capital for equipment purchases and the construction of new data centers in the United States, and the Nordic region.

1GW of BTC Mining

The firm, founded in 2013, has built more than 20 industrial-scale mining farms, brought over 300,000 miners online, and mined over $1 billion in Bitcoin, the announcement added.

Genesis Digital Assets’ data center capacity currently exceeds 150 megawatts, translating into a total hash rate of more than 2.6 Exahashes (EH/s). This is approximately 2. 25% of the global BTC mining hash rate at current levels.

The company has plans to increase this by adding another 5.5 EH/s within the next 12 months and increasing its capacity to 1,000 megawatts by the end of 2023.

The Executive Chairman and co-founder at Genesis Digital Assets, Abdumalik Mirakhmedov stated that Bitcoin is crucial to financial inclusion for the global poor and unbanked.

” The GDA team has been creating large-scale profitable bitcoin mining farms for almost eight years, despite the fact that the industry has only existed for twelve years. There’s no one else in the bitcoin mining industry that has this level of experience and we’re incredibly excited to support their next wave of growth and long-term vision.”

Since crackdown in Far East, Bitcoin miners have begun to be more environmentally-friendly .

Bitcoin Prices and Hash Rate Recovery

Hash rates have been steadily recovering since the fallout from China’s massive crackdown sent them tumbling 65% to 68 EH/s on June 28. The metric has currently recovered 70% to current levels of 115.5 EH/s, according to Bitinfocharts, although it is still just as far away from its peak.

Bitcoin prices have also been in recovery mode this week, with a gain of 23.5% over the past 7 days. At the time of writing, BTC was trading flat on the day at $39,940, according to CoinGecko. It topped $40K twice over the past 24 hours and is holding just below it at the time of press.