Genesis Digital Property to Purchase 20,000 Bitcoin Mining Rigs from Canaan, with the choice to buy an extra 180,000

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China-based bitcoin ASIC mining machine maker Canaan has announced that it has partnered with Genesis Digital Assets, and the two companies have now signed a major contract. Genesis will buy 20,000 bitcoin miners from Canaan and the mining operation will also have the option to buy an additional 180,000 mining rigs from the Chinese ASIC manufacturer.

Canaan sells Genesis 20,000 miners, Genesis can buy 180,000 more

Bitcoin mining rig makers made very large sales in the second half of 2020 and into 2021. In December 2020, for example, Bitcoin.com News reported on Marathon’s record-breaking acquisition of 70,000 high-performance Bitcoin miners from Bitmain for $ 170 million. In the same month, Riot Blockchain bought 15,000 Antminers from Bitmain.

In the first week of August 2021, Marathon bought 30,000 miners from Bitmain. Canaan sold 11,760 next-generation A1246 ASIC Avalonminers in April to a company called Mawson Infrastructure Group. Late that month, Genesis Digital Assets acquired $ 93 million worth of ASICs from Canaan. In mid-June, Genesis announced that it had purchased 10,000 ASIC bitcoin miners from Canaan.

Now Genesis and Canaan have announced that the companies have reached another agreement. According to the August 31 announcement, mining company Genesis has bought 20,000 bitcoin mining machines from the China-based mining rig maker.

But the two companies also want to agree on the “largest mining machine deal to date,” as Genesis now has the option to buy 180,000 ASIC miners from Canaan. Genesis Digital Assets co-founder and executive chairman Abdumalik Mirakhmedov says the company hopes to increase capacity significantly by 2023.

“The bitcoin mining machines from this recent order are part of our ongoing efforts to rapidly expand our bitcoin mining operations in North America and the Nordic countries, where we focus on renewable energy,” Mirakhmedov said in a statement . “These new machines will dramatically increase our capacity as we work towards our goal of increasing our capacity to 1.4 gigawatts by the end of 2023.”

Canaan Stocks Losing 74% Since Mid-March

Canaan is a publicly traded company whose shares are traded on the Nasdaq, and each share trades for $ 9.24 per unit on Tuesday. However, shares of Canaan (Nasdaq: CAN) have fallen 74.61% in value since March 11, 2021, when a single CAN share changed hands for $ 36.40. Nangeng Zhang, the chairman and CEO of Canaan, says the company remains “eager to serve miners customers” to expand.

“Since we entered into a long-term partnership with Genesis Digital Assets earlier this year, we’ve made several great deals,” said Zhang. “This order, with the option of future bulk purchases, further solidifies our collaboration and reflects the confidence of both parties in the prospects for the cryptocurrency mining industry,” added the CEO of Canaan.

What do you think of Canaan’s recent deal with Genesis Digital Assets? Let us know what you think on this matter in the comments below.

Tags in this story

1.4 gigawatts, 180,000 ASICs, 20,000 ASICs, Abdumalik Mirakhmedov, Bitcoin Mining, Bitmain, Canaan, Canaan Avalonminers, Canaan Sale, Canaan Shares, China, Chinese ASIC manufacturer, Genesis Canaan, Genesis Digital Assets, Marathon, Mining, Mining Bitcoin, Mining Operation, Mining Rig Purchase, Nangeng Zhang, Renewable Energy, Riot Blockchain

Photo credit: Shutterstock, Pixabay, Wiki Commons

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