Bitcoin mining firm Genesis Digital Assets Limited (GDA) has unveiled its latest move to bolster mining capabilities in Sweden, tapping into the abundant hydroelectric power of the region.

The company announced that it has a newly established facility, operational since June 2023, situated in the northern region of Sweden, where GDA harnesses the sustainable energy of hydropower. Boasting a current data center capacity of 8MW, GDA has plans to amplify this capacity in the immediate future.

Positioned adjacent to the 417MW Porjus Hydroelectric Power Station, the new GDA facility is primed to tap into an entirely carbon-free electricity supply. This strategic location aligns with GDA's vision of harnessing eco-friendly energy from a local energy provider.

“Our expansion of facilities in the Nordics is a testament to our unwavering commitment to utilizing green energy sources,” said Abdumalik Mirakhmedov, the 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.”

In line with its ethos of building strong local partnerships, GDA collaborated with a regional company to oversee the operations of the new facility. This establishment marks GDA's third venture in Sweden within a span of three years, inclusive of a groundbreaking greenhouse data center pilot initiated in 2020.

Tim Carra, Head of Nordic Operations at GDA, lauded Sweden's attributes as a prime bitcoin mining hub, emphasizing: "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.”