Genesis Digital Assets (GDA) Considers IPO in the US, Plans Pre-IPO Funding Round

Genesis Digital Assets (GDA) is considering an initial public offering (IPO) in the United States and planning a pre-IPO funding round. The company, which once had backing from Sam Bankman-Fried’s Alameda Research, has over 500 megawatts of total power capacity across 20 data centers worldwide.

CleanSpark Surpasses Mid-Year Target, Faces Challenges Amid Bitcoin Miner "Capitulation"

CleanSpark, listed on Nasdaq, achieved a 20 EH/s operational hashrate after acquiring new mining sites in Georgia, mining 445 Bitcoin in June. The industry faces challenges, with Bitcoin miners shutting down due to unprofitability. Many companies are diversifying into artificial intelligence (AI) and other proof-of-work assets.

Marathon Digital Enters Kaspa Mining, Leveraging New Technological Avenues for Profitability

Marathon Digital mined 93 million KAS tokens, valued at approximately $15 million, and crypto miners are leveraging new technological avenues to enhance profitability.

Genesis Digital Assets (GDA) and its Prospective IPO

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.

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.

CleanSpark's Achievements and Challenges

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.

Marathon Digital's Entry into Kaspa Mining

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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