Genesis Digital Assets (GDA) expands its bitcoin mining operations in West Texas with a 50-megawatt energization increase across two sites, bringing its total power capacity to over 600 MW. The company’s commitment to sustainability and innovation is set to drive its continued growth.
Genesis Digital Assets (GDA) is adding 50 megawatts of mining capacity across two sites in West Texas, bringing its total power capacity to over 600 MW.
Genesis Digital Assets (GDA) is a private company with offices in the United Arab Emirates and the United States. It operates 20 data centers across multiple continents, including Texas, South Carolina, Sweden, and Argentina. The firm claims to have one of the largest hashrate capacities in the world, although it refused to disclose its total hashrate.
GDA is expanding its bitcoin (BTC) mining operations in West Texas with a 50-megawatt (MW) energization increase across its Pyote and Vernon sites. The new deployment includes two 20 MW buildings at the Pyote site, bringing it to 195 MW, and a 10 MW container setup at the Vernon site, bringing it to 70 MW.
Bitcoin mining is the process by which new bitcoins are created and transactions are verified on the blockchain.
Miners use powerful computers to solve complex mathematical equations, which helps to secure the network and verify transactions.
The first miner to solve the equation gets to add a new block of transactions to the blockchain and is rewarded with newly minted bitcoins and any transaction fees associated with the transactions in the block.
The bitcoin mining firm will be taking advantage of Texas’ demand-response program. This means that the mining operation will turn off its rigs during peaks in electricity demand, and be compensated for it.
GDA operates a number of data centers that rely on green energy, including wind, hydro, nuclear, and flared gas. The company is currently exploring synergies with other emergent industries, including AI, to enhance and expand its mining operations. ‘Bitcoin mining is GDA’s core business,’ said Abdumalik Mirakhmedov, Executive President of GDA. ‘We are committed to operating in a sustainable manner and minimizing our environmental impact.‘
The global demand for green energy has increased significantly in recent years, driven by concerns over climate change and environmental sustainability.
Renewable energy sources such as solar and wind power have become more efficient and cost-effective, making them a viable alternative to fossil fuels.
According to the International Energy Agency (IEA), renewable energy accounted for 26% of global electricity generation in 2020, up from 22% in 2015.
Governments worldwide are implementing policies to promote green energy, with many countries setting targets for carbon neutrality by mid-century.
For comparison, Bitdeer (BTDR) one of the biggest public bitcoin mining companies in terms of infrastructure, has almost 900 MW worth of capacity. Heavyweights MARA Holdings (MARA) and Riot Platforms (RIOT) have more than 1 gigawatt (GW) each. Despite this, GDA remains a significant player in the industry, with its focus on sustainability and innovation set to drive its continued growth.
