Bitcoin mining firm Genesis Digital Assets has ordered 10,000 more machines from Canaan, the China-based mining hardware maker
Bitcoin mining company Genesis Digital Assets has purchased an additional 10,000 Bitcoin miners from ASIC machine manufacturer Canaan. It is expected that by the end of the month, Canaan will plan to complete an order of 10,000 A1246 and A1166 Pro Avalonminers.
Founded in 2013, Genesis Digital Assets is part of Genesis Mining that was spun off into a separate entity in April. As for Canaan, the Nasdaq-listed company is expanding its global footprint. Earlier this month, Canaan opened its first overseas after-sales service center in Kazakhstan as its international sales are increasing.
Bitcoin mining firm Genesis Digital Assets has ordered 10,000 more machines from Canaan
This is not the first time the two companies have collaborated. Earlier this year, Genesis Digital Assets purchased $93.6 million worth of Bitcoin miner AI2146 from the Beijing-based manufacturer.
According to the co-founder of Genesis Digital Assets, Abdumalik Mirakhmedov, the purchase will help increase the company’s hashrate by a minimum of twofold over the coming months.
Co-founder of Genesis Digital Assets, Abdumalik Mirakhmedov
Canaan is expected to hit $250 million in revenue by the end of the quarter. This comes from the fact that the Chinese ASIC miner manufacturer has made many business moves this year. Other Canaan orders include the likes of Mawson Infrastructure Group and Hive Blockchain. The company has also launched Avalonminer A1066I, a submerged, liquid-cooled miner machine.
Mirakhmedov says the following about their partnership with the manufacturer:
“We are excited to continue our strategic partnership with Canaan to support these plans. 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 capacities of our existing facilities, and installing first-class hardware. Our recent purchase orders for Canaan’s Avalon Miners will help us to increase our hash rate by a minimum of twofold over the upcoming months.”
In recent times, since the Bitcoin mining crackdown in China, Canaan revealed that the company is developing an ASIC mining rig service in Kazakhstan. Not just Canaan, but also other mining manufacturers like Microbt and Bitmain are getting orders for thousands of rigs as the mining boom continues.