Genesis Digital Assets Expands Bitcoin Mining Capacity In Sweden

Genesis Digital Assets (GDA), one of the worlds largest Bitcoin miners in terms of hash rate, has announced the inauguration of its new mining facility situated in the northern reaches of Sweden, according to a press release sent to Bitcoin Magazine. The data center's capacity is currently 8 megawatts (MW), with plans for further expansion "in the near future," and has been operational since June 2023.

The new facility is strategically located near the 417 MW Porjus Hydroelectric Power Station, known for its carbon-free electricity production. GDA aims to take advantage of this renewable energy source for its Bitcoin mining operations.

"With abundant energy sources, a pro-innovation environment, and a strong educational system that results in a great culture of innovation, we believe that Sweden is one of the best countries in the world where to mine bitcoin and expect to further invest in this beautiful region moving forward," commented Tim Carra, Head of Nordic Operations at GDA.

GDA has collaborated with a local company help to oversee the day-to-day operations of the new facility. The facility, which was once a conventional data center, marks GDA's third venture in Sweden within a three-year span, including a greenhouse data center pilot introduced in 2020.

"Our expansion of facilities in the Nordics is a testament to our unwavering commitment to utilizing green energy sources," said Abdumalik Mirakhmedov, Executive President and Co-Founder of GDA. "We aim to lead the bitcoin mining industry by setting an example for other players by minimizing our environmental impact."