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August 16, 2022

Bitcoin miner secures 708 MW in Q1 2022

Bitcoin miner Genesis Digital Assets said on Wednesday that it had purchased 708 MW of capacity as the company’s U.S. growth continues. Currently, Genesis mines bitcoin in four Texas sites, three South Carolina locations, and one North Carolina location. Genesis acquired 708 MW from Texas, South Carolina, and North Carolina during the first half of 2022.

According to the corporation, the expansion will generate 130 full-time positions and around 495 construction positions for the surrounding communities. During Wednesday’s announcement, Genesis’ global head of human resources, Lydia Nyarko, said,

“Every day, we have the opportunity to develop significant and enduring partnerships with the local communities in which we operate by providing employment opportunities.” As GDA expands its placement of candidates, it is vital that we continue to be purposeful and influential. The CEO of Genesis Digital Assets added:

“Observing the expansion of our company has been tremendously satisfying. Bitcoin mining provides access to an intriguing career path with a great deal of growth potential as the sector expands in the coming years.”

Genesis announced the building of additional mining centers prior to obtaining more power in the first half of 2022, and the company bought thousands of bitcoin miners from Canaan in the previous year.

Genesis COO Andrey Kim said that the mining company is pleased with the rate of U.S. growth as it relates to its 2022 development plans. Kim observed, as have several other bitcoin mining firms this year, that the crypto market remains volatile.

The Genesis COO stated in a statement on Wednesday, “We are quite delighted with the speed of our U.S. growth. While the market remains unpredictable, we are more dedicated than ever to fulfilling our objective of providing the infrastructure that supports the Bitcoin network,” Kim said.

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In addition to Genesis, the number of other bitcoin mining businesses have expanded and acquired mining rigs during the current economic crisis.

Cleanspark, a bitcoin miner, stated earlier this week that it had bought a plug-in-ready facility with 86 MW of capacity, and it acquired thousands of cheap miners last month.

Cipher Mining has constructed a 40 MW plant in Alborz, Texas, and Kryptovault AS has declared that it would relocate its facilities north of the Arctic Circle to take advantage of lower power costs.