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Genesis Digital Property Acquires 20,000 Bitcoin Mining Rigs From Canaan, Firm Has Choice to Purchase 180K Extra

08/31/2021
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 producer Canaan has introduced the corporate has cast a partnership with Genesis Digital Property, and the 2 companies have now signed a deal for a big buy order. Genesis will purchase 20,000 bitcoin miners from Canaan and the mining operation additionally has the choice to buy a further 180,000 mining rigs from the Chinese language ASIC producer.

Canaan Sells Genesis 20K Miners, Genesis Can Purchase 180K Extra

Bitcoin mining rig producers have made very giant gross sales through the second half of 2020 and into 2021. As an illustration, in December 2020, Bitcoin.com Information reported on Marathon’s record-breaking acquisition of 70,000 high-performance bitcoin miners from Bitmain for $170 million. That very same month, Riot Blockchain purchased 15,000 Antminers from Bitmain.

Throughout the first week of August 2021, Marathon bought 30,000 miners from Bitmain. Canaan bought 11,760 next-generation A1246 ASIC Avalonminers to an organization referred to as Mawson Infrastructure Group in April. On the finish of that very same month, Genesis Digital Property bought $93 million value of ASICs from Canaan. In mid-June, Genesis revealed it purchased 10,000 ASIC bitcoin miners from Canaan.

Now Genesis and Canaan have introduced the businesses have settled on one other settlement. Based on the announcement on August 31, the mining operation Genesis has bought 20,000 bitcoin mining machines from the China-based mining rig maker.

However the two firms are additionally trying to choose the “largest mining machine deal to-date,” as Genesis now has the choice to buy 180,000 ASIC miners from Canaan. The co-founder and govt chairman of Genesis Digital Property, Abdumalik Mirakhmedov, says the agency hopes to extend the capability an important deal by 2023.

“The Bitcoin mining machines from this newest buy order are a part of our on-going efforts to quickly scale our bitcoin mining operations in North America and the Nordics the place we’re centered on power that comes from renewable sources,” Mirakhmedov stated in a press release. “These new machines will dramatically enhance our capability as we work in the direction of our aim to extend our capability to 1.4 gigawatts by the tip of 2023.”

Canaan Shares Dip 74% Since Mid-March

Canaan is a publicly-listed agency, which has shares that commerce on Nasdaq, and every share on Tuesday is swapping for $9.24 per unit. Nonetheless, Canaan (Nasdaq: CAN) shares have misplaced 74.61% in worth since March 11, 2021, when a single CAN share exchanged fingers for $36.40. Nangeng Zhang, the chairman and CEO of Canaan, says the corporate stays “diligent in serving to miner shoppers” develop.

“Since we entered the long-term partnership with Genesis Digital Property earlier this 12 months, we now have reached a number of nice offers,” Zhang stated. “This order with an choice of future giant purchases additional solidifies our collaborations and displays each events’ confidence within the prospect of the cryptocurrency mining trade,” the Canaan CEO added.

What do you consider Canaan’s current take care of Genesis Digital Property? Tell us what you consider this topic within the feedback part under.