Genesis Digital Assets, a major crypto mining company, announced on January 1 that it is set to build a 300 MW mining facility in Texas, USA.
As per the company’s press release, the new facility will have a sustainable infrastructure, high efficiency, and will be powered by the Electric Reliability Council of Texas (ERCOT). ERCOT is a large Texas power company that produces more than 40% of its energy source from renewable energy sources such as wind and solar.
Partnership with ERCOT would offer Genesis a 300-megawatt electric capacity while reducing its carbon footprint. Genesis co-founder Abdumalik Mirakhmedov commented:
“As we continue our rapid expansion plans in the United States, we remain committed to our sustainability and social commitments, by identifying ways to power our industrial-scale bitcoin mining farms with renewable energy and create job opportunities for the local communities in which we operate.”
As of October 2021, the total hash rate generated by Genesis exceeded 3.8 EH/s, which is more than 2.4% of the world’s Bitcoin mining hash rate. In addition, the company will expect the hash rate to increase by 9.4 EH/s within the next year.
Genesis has raised more than $550 million in 2021 to expand its business. By 2023, it aims to create multiple data centers with a capacity of over 1.5 gigawatts. In August, the company purchased 20,000 mining machines from Canaan, an integrated circuit (ASIC) manufacturer for mining.