Genesis Mining Announces Genesis Digital Assets, an Industrial-Scale Bitcoin Mining Operator

By AIT News Desk On May 3, 2021

Genesis Mining, one of the world’s oldest crypto mining companies has formally announced the launch of Genesis Digital Assets (GDA).

Genesis Digital Assets is dedicated to building and managing industrial-scale bitcoin mining operations. The brand is a partnership between five founders, Marco Streng and Marco Krohn from Genesis Mining and three former mining industry executives, Abdumalik Mirakhmedov, Andrey Kim, and Rashit Makhat.

Commenting on the partnership, Marco Streng, CEO and co-founder of Genesis Digital Assets said: “Back in 2016, we were looking for a partner who could help us rapidly scale our operations. We met Abdumalik, Andrey, and Rashit and it quickly became clear how complementary their skills were to ours. They were able to help us drive higher profitability than ever and reach a new level of operational efficiency. We’re incredibly excited to announce this new brand and partnership publicly.”

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Starting in 2016, the partners began joint ventures to build and manage self-mining facilities — mining operations with no outside investors or customers where the business model is simply to mine as profitably as possible. Due to the mining farms’ operational efficiency, the operations were able to maintain profitability, even as the price of Bitcoin dropped to below $4,000 in March last year.

Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, said: “There’s no one in the world who can mine as profitably at scale like we can and we look forward to scaling GDA over the upcoming months and years. Our mission is to provide the infrastructure that will power the open-source monetary system revolution. This is what unites us all together and drives us forward.”

As of April 2021, Genesis Digital Assets data center capacity reached over 140 megawatts, translating into a total hashrate exceeding 2.0 Exahashes (EH/s), which is more than 1.2% of the global Bitcoin mining hashrate. Another 5.5 Exahashes (EH/s) will be online in the next 12 months and by 2025, Genesis Digital Assets expects to reach a capacity of over 1 gigawatt.