Canaan to supply Genesis Digital Assets with 10,000 ASIC miners

Chinese ASIC equipment maker Canaan Creative announced an expansion of its strategic partnership with Genesis Digital Assets, under which it will supply the mining company with 10,000 Bitcoin mining devices.

The parties have been cooperating since April 2021. Genesis Digital Assets bought from the Chinese giant AvalonMiner A1246 ASIC miners for $93.63 million. The order was to be fulfilled during 2021.

The new agreement envisions the supply of AvalonMiner A1246 and A1166Pro miners. The first device is Canaan’s flagship — at an average price of around $5,000 its maximum hash rate is 90 TH/s.

AvalonMiner A1166Pro is an older model. Its maximum hash rate is 81 TH/s, and the average price is around $1,300.

The cost of the new order by Genesis Digital Assets was not disclosed. Full shipment is expected to be completed by 30 June 2021.

“In the coming months, recent orders for Avalon miners from Canaan will help us increase the hash rate by at least twofold,” said Abdumalik Mirakhmedov, CEO of the mining company.

According to Genesis Digital Assets, the aggregate hash rate of its equipment in operation stands at 2.1 EH/s — more than 1.4% of the Bitcoin network.

In the first quarter of 2021, overseas clients provided 78% of Canaan’s revenue.

On 8 June, the Chinese giant announced the opening of an after-sales service centre in Kazakhstan.