Genesis Digital Assets Buys 10,000 Bitcoin Mining Rigs From Canaan

Bitcoin Magazine

Bitcoin miner manufacturer Canaan announced that it has secured a purchase order for 10,000 of its A1246 and A1166Pro machines from industrial-scale bitcoin mining firm Genesis Digital Assets. The order, which is set to be delivered in full by June 30, 2021, marks an advancement of the companies’ strategic partnership first fostered in April.

The release did not clarify how much Genesis paid for the rigs or the specific rise in hash rate that Genesis expects from this acquisition. But in the announcement, a Genesis representative noted that the new machines could help double its total hash rate.

“We are excited to announce this additional purchase order from Genesis Digital Assets,” commented Nangeng Zhang, chairman and CEO of Canaan, per the release. “This is a concrete advancement of both parties’ long-term strategic partnership, following an initial order from Genesis Digital Assets valued at up to $93.63 million that we secured in April this year.”

Zhang also added that his company seeks to replicate the formula employed in this partnership with more overseas customers. The goal, he said, is for China-based Canaan to further solidify its “foothold in international markets.”

Abdumalik Mirakhmedov, cofounder and executive chairman of Genesis Digital Assets, also commented on the partnership’s new nurturing purchase, which he claims demonstrates the mining firm’s strategy to grow and expand its operations.

“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,” Mirakhmedov said, according to the release. “We are excited to continue our strategic partnership with Canaan to support these plans.”

According to the release, Genesis Digital Assets has been a bitcoin mining company since 2013, having built over 20 industrial-scale bitcoin mining farms and mined over $1 billion in bitcoin. Meanwhile, Canaan, which has also been in operation since 2013, is a technology company focused on producing ASIC chips for bitcoin mining. It is, in fact, the world’s first producer of an ASIC-powered bitcoin mining machine.

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