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Hash Rate Services
Business Description
Genesis Digital Assets (GDA), formally established in 2021 from a self-mining business co-founded in 2017 by Marco Streng and Marco Krohn of Genesis Mining alongside Abdumalik Mirakhmedov, Andrey Kim, and Rashit Makhat, is a private Bitcoin mining and digital infrastructure company operating more than 20 industrial-scale data centers across North America, South America, Europe, and Central Asia.
GDA designs, builds, and operates purpose-built facilities for high-performance computing, with Bitcoin mining as its core revenue activity. Site selection targets locations with large-scale power access and stable grid conditions; energy procurement emphasizes renewables, including hydroelectric sources in Sweden and South Carolina and wind energy in Texas.
The company's largest U.S. concentration is in West Texas. The Pyote site holds 195 MW; the Rowdy Data Center near Vernon in Wilbarger County (sited at the retired Oklaunion Power Station) runs at 70 MW on contracted wind energy and carries a disclosed expansion target of 400 MW at that site. A third Texas facility in Glasscock County operates at 40 MW. In February 2025, GDA energized an additional 50 MW across Pyote and Vernon, a near-10% portfolio capacity increase, with both sites enrolled in ERCOT's demand-response program. In South Carolina, three facilities commissioned in 2023 total 33 MW: an 18 MW plant in Anderson and two sites totaling 15 MW between Union and Lockhart, with the Pacolet-area installation drawing hydroelectric power. GDA expanded to South America with an Argentina facility launched in May 2024. In the Nordics, GDA operates multiple Sweden locations, including an 8 MW site adjacent to the 417 MW Porjus Hydroelectric Power Station running entirely on carbon-free electricity. Total installed capacity across the portfolio exceeds 600 MW.
In June 2025, GDA placed a purchase order with US-based Auradine for 1,000 Teraflux AT2880-277 air-cooled miners (rated up to 260 TH/s at 16 J/TH) for deployment at Glasscock County, a procurement GDA has framed in part as a response to tariff pressures on imported ASIC hardware.
GDA's capital history includes a $125 million equity raise from Kingsway Capital in July 2021 and a $431 million round six weeks later led by Paradigm and joined by NYDIG, Ribbit Capital, Electric Capital, SkyBridge, and FTX. Alameda Research subsequently committed approximately $1.15 billion, placing GDA's implied valuation at $5.5 billion. The FTX Recovery Trust filed a $1.15 billion lawsuit against GDA in 2023, alleging misrepresentations underpinning that investment. As of mid-2024, GDA was consulting advisers on a potential US IPO and planning a pre-IPO funding round, with the Rowdy Data Center's 400 MW buildout representing its largest disclosed near-term capacity expansion.
