Genesis Digital Plans a 100% Clean Energy Mining Center in Sweden

March 04, 2022
Genesis Digital Plans a 100% Clean Energy Mining Center in Sweden
The new facility will be powered by a mix of hydro, nuclear and wind energy sources.

Genesis Digital Assets, a privately held industrial-scale bitcoin miner, plans to start a new self-hosted bitcoin mining data center in Sweden which is expected to have up to 100 megawatts of power capacity.

The facility will be online by 2024 and will be powered by 100% clean energy sources, the miner said in a statement on Thursday.

The energy mix at the facility in Sweden will be 54.5% hydro, 42.8% nuclear and 2.7% wind powered, a company spokesperson told CoinDesk.

“This latest expansion aligns with GDA’s focus to identify ways to power our facilities with clean energy while also creating jobs for the local economy,” said Tim Liepold, Head of Power at Genesis Digital Assets.

In September, Genesis raised $431 million to expand its bitcoin mining operations in North America and the Nordic region in a round led by Paradigm Ventures. That’s on top of the $125 million the miner raised in July, led by Kingsway Capital.

In November, Genesis said that it is building a new self-hosted bitcoin mining data center in West Texas with 300 megawatt of capacity.

Genesis Digital Assets is different from Genesis, the crypto lending firm owned by CoinDesk parent company Digital Currency Group.