Canaan Sells 8,400 ASIC Miners to U.S. Firm Blockcap

The U.S. mining company Blockcap announced the acquisition of 8,400 Avalonminer 1246 Bitcoin miners from the Chinese manufacturer Canaan.

The devices are expected to be deployed by the fourth quarter of this year, and the company’s total mining equipment will exceed 30,000 units.

In February Blockcap bought 10,000 Antminer S19 from Bitmain, with deliveries expected to be completed by September. The company estimates that the total value of the equipment it has acquired on the secondary market exceeds $150 million.

According to the press release, the firm currently operates a fleet of about 10,000 miners generating a hashrate of around 0.95 EH/s. This enables Blockcap to mine roughly six bitcoins per day.

The company expects that after installing all of the newly purchased equipment in the fourth quarter its hashrate will exceed 2 EH/s, representing more than 1% of the total Bitcoin network hashrate.

Blockcap was founded by former employees of the American blockchain-hosting provider Core Scientific, in whose data centres it houses all of its mining installations.

Earlier, in December Core Scientific bought from Bitmain more than 58,000 Antminer S19. In February the company signed a contract with Canaan for the supply 6,000 units of Avalonminer A1246.

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