Genesis Digital Eyes US IPO as CleanSpark Exceeds Mining Expectations

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Genesis Digital Assets (GDA) is reportedly considering an initial public offering (IPO) in the United States. According to insiders, GDA, which once enjoyed backing from Sam Bankman-Fried’s Alameda Research, is coordinating with advisors on this prospective listing.

Additionally, the company is poised to initiate a pre-IPO funding round within weeks.

Crypto Mining Industry Navigates Challenges

Details of the IPO and fundraising are closely guarded. The crypto mining giant boasts a decent operational scale, including over 500 megawatts of total power capacity across 20 data centers worldwide.

Originating in 2014 with its first facility in Iceland, GDA expanded significantly. Following the 2021 crypto mining ban in China, the company strategically shifted its operations to the US, securing over $550 million for expansion during tumultuous times for the sector.

Amidst these strategic developments, CleanSpark, another industry stalwart, has released unaudited operational updates for June. The company, listed on Nasdaq, surpassed its mid-year target, achieving a 20 EH/s operational hashrate after acquiring five new mining sites in Georgia. These sites are integral to CleanSpark’s infrastructure, featuring power purchase agreements that enhance grid stability.

For June, CleanSpark mined 445 Bitcoin (BTC), contributing to a total reserve of 6,591 BTC. The company also sold 8.06 BTC last month.

Meanwhile, the sector faces significant challenges, notably the “capitulation” of Bitcoin miners. This term refers to miners shutting down due to unprofitability or unsustainable costs.

In response, many companies are diversifying into artificial intelligence (AI) and other proof-of-work assets. Notably, firms like Core Scientific and Hut 8 are investing heavily in AI, aiming to shift their revenue sources.

Also, Marathon Digital has entered the Kaspa mining arena. The company reported that it mined 93 million KAS tokens, valued at approximately $15 million as of June 25. This initiative is part of a broader trend where crypto miners are leveraging new technological avenues to enhance profitability.

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