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Genesis Digital Assets Acquires 20,000 Bitcoin Mining Rigs From Canaan, Company Has Option to Buy 180K More Skip to main content

Genesis Digital Assets Acquires 20,000 Bitcoin Mining Rigs From Canaan, Company Has Option to Buy 180K More

Genesis Digital Assets Acquires 20,000 Bitcoin Mining Rigs from Canaan, Company Has Option to Buy 180K More

The China-based bitcoin ASIC mining machine manufacturer Canaan has announced the company has forged a partnership with Genesis Digital Assets, and the two firms have now signed a deal for a large purchase order. Genesis will buy 20,000 bitcoin miners from Canaan and the mining operation also has the option to purchase an additional 180,000 mining rigs from the Chinese ASIC manufacturer.

Canaan Sells Genesis 20K Miners, Genesis Can Buy 180K More

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

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

Now Genesis and Canaan have announced the companies have settled on another agreement. According to the announcement on August 31, the mining operation Genesis has purchased 20,000 bitcoin mining machines from the China-based mining rig maker.

But the two companies are also looking to settle on the “largest mining machine deal to-date,” as Genesis now has the option to purchase 180,000 ASIC miners from Canaan. The co-founder and executive chairman of Genesis Digital Assets, Abdumalik Mirakhmedov, says the firm hopes to increase the capacity a great deal by 2023.

“The Bitcoin mining machines from this latest purchase order are part of our on-going efforts to rapidly scale our bitcoin mining operations in North America and the Nordics where we are focused on energy that comes from renewable sources,” Mirakhmedov said in a statement. “These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023.”

Canaan Shares Dip 74% Since Mid-March

Canaan is a publicly-listed firm, which has shares that trade on Nasdaq, and each share on Tuesday is swapping for $9.24 per unit. However, Canaan (Nasdaq: CAN) shares have lost 74.61% in value since March 11, 2021, when a single CAN share exchanged hands for $36.40. Nangeng Zhang, the chairman and CEO of Canaan, says the company remains “diligent in helping miner clients” expand.

“Since we entered the long-term partnership with Genesis Digital Assets earlier this year, we have reached several great deals,” Zhang said. “This order with an option of future large purchases further solidifies our collaborations and reflects both parties’ confidence in the prospect of the cryptocurrency mining industry,” the Canaan CEO added.

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

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