Genesis Digital Assets Purchases 10,000 Bitcoin Miners from Canaan

Canaan to Deliver 10,000 Bitcoin Miners to Genesis Digital Assets

The company Canaan (Nasdaq: CAN) has been making lots of business moves in 2021, as the ASIC mining rig manufacturer believes it will see around $250 million in revenue at the end of the second quarter.

The larger share of expected revenue is due to a number of mining rig orders placed in 2021 from a variety of companies purchasing thousands of Avalonminers. On Wednesday, the firm announced that Genesis Digital Assets had settled a purchase order for 10,000 A1246 and A1166 Pro Avalonminers.

According to Canaan, the mining rig shipment to Genesis Digital Assets will be delivered in full by June 30, 2021. Both companies have an existing relationship as Canaan sold $93 million worth of next-generation bitcoin miners to the company at the end of April.

“We are excited to continue our strategic partnership with Canaan to support these plans,” the cofounder and executive chairman Abdumalik Mirakhmedov of Genesis Digital Assets, commented on Wednesday. Mirakhmedov further added:

Our strategy has always been to grow faster than the rest of the market. Achieving this requires building and launching new data centers, expanding the capacities of our existing facilities, and installing first-class hardware. Our recent purchase orders for Canaan’s Avalon Miners will help us to increase our hash rate by a minimum of twofold over the upcoming months.

Genesis Digital Assets was launched in 2013 and claims to have mined “over US$1 billion in bitcoin” since then. “As of June 2021, Genesis Digital Assets’ data center capacity was more than 140MW, translating into a total hashrate in excess of 2.1 EH/s, which is more than 1.4% of the total Bitcoin network hashrate,” the company’s disclosure notes.

Canaan has been revealing orders all year long with companies like Mawson Infrastructure Group and Hive Blockchain. The Beijing-based ASIC mining rig manufacturer also launched a new submerged liquid-cooled bitcoin miner this year called the Avalonminer A1066I.

In recent times, since the bitcoin mining crackdown in China, Canaan disclosed that the company was developing an ASIC mining rig service in Kazakhstan. Other top bitcoin mining rig producers like Microbt and Bitmain have been seeing thousands of rigs being ordered as well this year.

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