Canaan to supply Genesis Digital Assets with miners worth nearly $93.63 million

Chinese manufacturer Canaan Creative announced a strategic partnership with Genesis Digital Assets, under which it will supply the Bitcoin-mining company with devices valued at $93.63 million.

The #AvalonMade footprint continues to expand across the globe. We’re thrilled to announce that we’ve recently partnered with Genesis Digital Assets who’ve signed purchase orders valued at US$93.63 million for our A1246 AvalonMiners. https://t.co/Nq8qTBNuQs #Mining #BTC

— Canaan (@canaanio) April 29, 2021

This concerns the AvalonMiner A1246 ASIC miners. According to the statement, after the order is fulfilled, the installed capacity of Genesis Digital Assets’ equipment will increase by 117 MW. The current figure stands at 140 MW with a hash rate of over 2 EH/s.

Genesis Digital Assets was created as a result of a partnership between two co-founders of the cloud mining service Genesis Mining, Marco Streng and Marco Krohn, and entrepreneurs Abdulmalik Mirakhmedov, Andrey Kim and Rashit Mahat.

“Back in 2016, we were looking for a partner to help us scale our operations quickly. We met Abdulmalik, Andrey and Rashit, and it immediately became clear how their skills complemented ours. They helped us achieve higher profitability than ever and reach a new level of operational efficiency. We are incredibly excited to publicly announce the new brand and the partnership,” Streng commented.

According to the press release, since 2013 the company’s founders have built more than 20 mining farms, connected over 300,000 miners to the network, and mined Bitcoin worth about $1 billion.

Earlier this year, it emerged that several Canaan contracts had been announced, with buyers including HIVE Blockchain Technologies, Core Scientific and Blockcap. The largest order for 11,760 units of the AvalonMiner A1246 was placed by Australian Mawson Infrastructure Group.

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