Genesis Digital to create 100% Clean Energy Mining Centre in Sweden

What

Genesis Digital is set to create a mining centre powered by hydro, nuclear, and wind energy

Why

Bitcoin miners are continually incentivised to move toward cheaper, cleaner sources of energy

What next

The facility is scheduled to come online by 2024

The story

Genesis Digital Assets, a privately held industrial-scale bitcoin miner, is planning on starting a 100 megawatt self-hosted bitcoin mining data centre in Sweden. To harvest the power needed for mining, Genesis will rely on 100% clean energy.

“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.

According to a company spokesperson, the energy mix will be split 54.5% hydro, 42.8% nuclear and 2.7% wind power.

In September last year, Genesis raised $431 million to put toward its bitcoin mining operations in North America and the Nordic regions, following a $125 million investment in July. In November, Genesis also announced that it is building a new self-hosted Bitcoin mining data centre in West Texas with a 300 megawatt capacity.

The facility is expected to come online by 2024.

To learn about Bitcoin mining and much more, be sure to check out our learning portal.

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