Genesis Digital Assets Increases Bitcoin Mining Capacity in Sweden

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Genesis Digital Assets, a prominent Bitcoin mining company known for its substantial hash rate, has expanded its operations with a new mining facility located in Sweden. The recently inaugurated data centre, equipped with a capacity of 8 megawatts (MW), commenced operations in June 2023 and has plans for further expansion in the near future.

Strategically positioned in close proximity to the Porjus Hydroelectric Power Station, which produces carbon-free electricity, the new facility capitalises on renewable energy sources for its Bitcoin mining activities. This location aligns with GDA's commitment to minimising its environmental impact and utilising sustainable energy for its operations.

Tim Carra, Head of Nordic Operations at GDA, emphasised the advantages of the Swedish setting, highlighting the country's pro-innovation environment and abundant energy sources. He expressed optimism about investing further in the region, recognising Sweden as a favourable hub for Bitcoin mining.

The data centre in Sweden is GDA's third venture in the country within three years, reflecting the company's ongoing commitment to green energy sources and environmentally conscious mining practices.

Abdumalik Mirakhmedov, Executive President and Co-Founder of GDA elaborated on their dedication to environmental responsibility, stating, "We aim to lead the Bitcoin mining industry by setting an example for other players by minimising our environmental impact."

The expansion of GDA's mining facilities in the Nordics is part of a broader trend in the Northern European Bitcoin mining landscape. The region's surplus of renewable energy, particularly in the form of hydropower, has attracted mining companies seeking cost-effective and sustainable energy sources.

GDA's focus on clean energy aligns with global trends toward more environmentally friendly Bitcoin mining practices. The new facility's location near a hydroelectric power source reinforces the commitment of Bitcoin miners to sustainability and contributes to the industry's ongoing efforts to reduce its carbon footprint.

As the Bitcoin mining industry continues to evolve, GDA's strategic expansion in Sweden underscores the importance of adopting green energy practices and harnessing renewable resources to power crypto mining operations.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash