Genesis Digital Assets Leverages Renewables to Increase Bitcoin Mining Capacity at New Texas Facility
Today, one of the largest bitcoin mining companies in the world in terms of hash rate, Genesis Digital Assets (GDA), announced that it will gain access to 36 MW of power from the Tarbush data center in West Texas, adding 1 EH/s to its total hash rate capacity.
GDA, which was founded in 2013 and operates 19 mining facilities across North America, Europe and Central Asia, has entered into a strategic hosting arrangement with Lonestar Dream, developer of immersion cooling systems for bitcoin mining devices, to run the Tarbush operation.
“This hosting agreement is an important milestone for us as we continue expansion in the West Texas region,” said Andrey Kim, CEO of GDA in a press release shared with Bitcoin Magazine.
This is the 6th new site in Texas into which GDA has expanded in recent years. The state’s abundance of renewable energy and its flexible power grid have prompted the company to continue expanding in Texas.
Tarbush is located within the ERCOT West Hub, which is well-suited for wind and solar energy production. As of Q1 2023, ERCOT, which stands for the Electric Reliability Council of Texas, was the top region for renewable energy generation output across the US, according to S&P Global. And PBS recently acknowledged that Texas, a state once well known for its oil production, is quickly becoming a leader in renewable energy.
According to ERCOT, renewable resources like wind and solar normally meet approximately 40% of the energy demand in Texas. During some periods, though, they can meet as much as 75% of the demand.
Wind, solar, and a tiny bit of hydro met 75% of power demand in ERCOT today a little after 2:00, a new record. Add in nuclear and the Texas grid was more than 80% emissions-free for most of the afternoon. And again, prices were $0. Clean power is low cost power. #txlege #txenergy pic.twitter.com/rtbPBWnZMA
— Doug Lewin (@douglewinenergy) March 29, 2024
“We believe that our commitment to renewable energy and utilization of some of the most advanced technology in the bitcoin mining industry empowers us to engage in efficient and reliable bitcoin mining operations,” Kim added.
For more information on GDA, visit the company’s website.
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