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Genesis Digital Assets buys 20,000 BTC mining equipment from Canaan, plans to buy another 180,000

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Chinese BTC ASIC miner Canaan has announced that the company has partnered with Genesis Digital Assets, and the two companies have now signed a large purchase order agreement.

Canaan sells 20,000 ASIC minerals to Genesis

Manufacturers of ASIC for mining BTC recorded very large sales in the second half of 2020 and in 2021. For example, in December 2020, Marathon bought 70,000 miners from Bitmain for $ 170 million. That same month, Riot Blockchain bought 15,000 Antminers from Bitmain.

During the first week in August 2021, Marathon bought 30,000 miners from Bitmain. In April, Canaan sold 11,760 A1246 ASIC Avalonminers of the next generation to the Mawson Infrastructure Group. At the end of the same month, Genesis Digital Assets bought $ 93 million worth of miners from Canaan. In mid-June, Genesis purchased another 10,000 BTC ASIC miners from Canaan.

Now Genesis and Canaan have announced that the companies have agreed on another agreement. According to an announcement on August 31, the mining company Genesis bought 20,000 BTC mining machines from a Chinese manufacturer.

Genesis now wants to buy 180,000 ASICs. Abdumalik Mirakhmedov, co-founder and CEO of Genesis Digital Assets, says the company hopes to significantly increase its capacity by 2023.

“The BTC mining machines from this latest purchase order are part of our ongoing effort to rapidly expand our operations in North America and the Nordic countries, where we focus on renewable energy. These new machines will dramatically increase our capacity, we are working to achieve our goal of increasing our capacity to 1.4 gigawatts by the end of 2023. ”

Canaan is a publicly traded company whose shares are traded on the Nasdaq. However, since March 11, 2021, the shares have lost 74.61%.

Nangeng Zhang, Chairman and CEO of Canaan, says the company continues to work hard to help its clients expand.

“This order with future large purchases strengthens our cooperation and reflects the confidence of both parties in the perspective of the cryptocurrency industry.”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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