Genesis Digital Assets acquires 10,000 Bitcoin miners from Canaan

Beijing-based ASIC mining manufacturer Canaan has announced the sale of 10,000 bitcoin mining machines to Genesis Digital Assets Limited. Canaan plans to ship 10,000 A1246 and A1166 Pro Avalonminer by the end of the month. Canaan Provides 10,000 Bitcoin Miners to Genesis Digital Assets Company Canaan (Nasdaq: CAN) took several business steps in 2021 as the ASIC mining equipment maker believes it will generate approximately $250 million in revenue by the end of the second quarter. The larger share of projected revenue comes from a series of mining rig orders from several companies that purchased thousands of Avalon miners in 2021. On Wednesday, the company announced that Genesis Digital Assets has paid a purchase order for 10,000 A1246 and A1166 Pro Avalonminers. According to Canaan, all shipments of mining rigs to Genesis Digital Assets will be delivered by June 30, 2021. Both companies have an existing relationship, as Canaan sold the company $93 million worth of next-generation bitcoin miners in late April. “We are excited to continue our strategic partnership with Canaan to support these plans,” Abdumalik Mirakhmedov, Genesis Digital Assets co-founder and chairman of the board, said Wednesday. Mirakhmedov added: Our strategy has always been to grow faster than the rest of the market. Achieving this requires building and launching new data centers, expanding the capacity of our existing facilities, and installing world-class hardware. Our recent buy orders for Canaan's Avalon Miners will help us at least double our hash rate in the coming months. Launched in 2013, Genesis Digital Assets claims to have mined "more than US$1 billion worth of bitcoin." “As of June 2021, the Genesis Digital Assets data center capacity was over 140 MW, corresponding to a total hash rate of over 2.1 EH/s, which is over 1.4% of the total hash rate of the Bitcoin network. ,

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