Genesis Digital Avails has become the latest Bitcoin mining firm to enhance millions toward plans for ambitious expansion amongst the exodus of miners from China due to its crackdown on the sector.

On Wed, Genesis announced information technology had closed a $125 million equity funding round led by Uk-based Kingsway Capital. The capital will be mobilized to purchase mining hardware and launch new information centers in the United States and Nordic region.

The terms of the deal will as well encounter the Kingsway Uppercase CEO, Manuel Stotz, join Genesis' board of directors. Stotz highlighted Genesis' all-encompassing feel in mining. "The GDA team has been building highly profitable big-scale Bitcoin mining farms for virtually eight years and the industry has only been around for twelve," he said, calculation:

"Bitcoin is going to exist the near important technology for financial inclusion of the global poor and unbanked, and mining provides security to make this possible."

Genesis currently represents a total hash rate of 2.6 exahashes per second (EH/s), equal to more than ii.half-dozen% of the global hash rate. The house expects to increase its capacity by a farther 5.5 exahashes by the end of 2023, targeting a information center capacity of more than one gigawatt.

Since launching in 2022, Genesis estimates that it has mined more than $1 billion worth of Bitcoin.

Genesis is not alone in looking to raise and aggrandize its operations amid China's mining crackdown, with United states of america miner Stronghold filing for a $100 million Initial Public Offering (IPO) on Tuesday to expand its operational hash rate by roughly 75% from 3,000 petahashes per 2nd (PH/s) to five,300.

Related: Law professor calls for crypto mining regulation during US Senate hearing

On Wednesday, Chinese-based Chip Mining announced it had entered into an agreement to acquire ii,500 new mining machines worth $6.6 one thousand thousand for deployment in Kazakhstan, anticipating a hash rate increase of 165 PH/s.

Despite the aggressive moves from industrial-scale mining firms to scale their operations outside of China, Cointelegraph reported that the hash charge per unit has become increasingly decentralized over the by 12 months, with smaller firms increasing their share of global hashing power.

Cointelegraph besides reported that the Chinese hash rate had been steadily declining for more than one year leading up to the crackdown, with China's hash ability shrinking from 75.5% of the global full in September 2022 to 46% as of Apr 2022.