Genesis Digital Assets to acquire 20,000 Bitcoin miners from Canaan

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The Canaan company has received from Genesis Digital Assets a firm purchase order for 20,000 Bitcoin mining machines. Alongside the order, the Chinese manufacturer granted an option to acquire a further 180,000 miners.

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Today,we have secured a purchase order from Genesis Digital Assets Limited, for 20,000 of its Bitcoin mining machines. In conjunction with the Order, Canaan has granted Genesis an option to purchase up to 180,000 additional mining machines.https://t.co/DUBJgcwdmF pic.twitter.com/1HJn0fl2cX

— Canaan (@canaanio) August 31, 2021

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The companies entered into a strategic partnership in April 2021. Canaan’s CEO Nangeng Zhang noted that under the partnership the parties had already concluded major deals.

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The first of these was the delivery of AvalonMiner A1246 for a total of $93.63 million.

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In June, Genesis Digital Assets bought from Canaan 10,000 devices. At that time the company’s hash rate on the network of the first cryptocurrency stood at 2.1 EH/s. Co-founder and executive chairman Abdumalik Mirahmedov then announced further equipment purchases in the coming months to increase the figure.

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\”Bitcoin mining devices from the latest order are part of our efforts to rapidly scale up our mining operations in North America and Scandinavia, where we focus on energy sourced from renewable sources,\” he commented on the new agreement.

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As of August, Genesis Digital Assets’ hash rate stands at over 3.1 EH/s. Installed capacity of the equipment exceeds 170 MW.

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By the end of 2023, the firm expects to raise this figure to 1.4 GW, said Mirahmedov.

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In July, Genesis Digital Assets raised $125 million to expand its business in the United States and Northern Europe.

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