Cryptos

Genesis Digital Assets Acquires 20,000 Bitcoin Mining Rigs In Canaan. Company Has the Opportunity to Buy Additional 180,000

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ASIC Canaan, a Chinese bitcoin mining machine manufacturer, has announced that it has partnered up with Genesis Digital Assets. The two companies have also signed an agreement for large-scale purchase orders. Genesis will purchase 20,000 bitcoin miners from Canaan. Mining also has the option to purchase an additional 180,000 mining equipment from ASIC China.

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

In the second half 2020-2021, huge sales were made by manufacturers of Bitcoin mining rigs. Bitcoin.com News reported Marathon’s record acquisition of 70,000 High-performance Bitcoin miners from Bitmain for $170 million in December 2020. Riot Blockchain purchased 15,000 Antminers from Bitmain in the same month.

Marathon purchased 30,000 Bitmain miner s in the first week August 2021. Canaan sold 11,760 A1246 Next Generation Avalonminers ASICs in April to Mawson Infrastructure Group. Genesis Digital Assets bought ASIC from Canaan for $ 93 Million at the end of the month. Genesis announced that it had bought 10,000 ASIC bitcoin miners from Canaan in mid-June.

Canaan and Genesis have announced a new deal. According to the Aug.31 announcement Genesis Mining purchased 20,000 bitcoin mining machines made by the China-based mining equipment maker.

The two companies are also trying to secure the “biggest deal in mining machinery” as Genesis has the ability to buy 180,000 ASIC miners from Canaan. Abdumalik Mirakhmedov, co-founder of Genesis Digital Assets, said that the company plans to significantly increase its capacity by 2023.

“The purchase order for the latest bitcoin mining machines was part of our continued efforts in North America to rapidly expand our bitcoin mining operations. renewable, ”Mirakhmedov said in a statement. “These new machines will significantly improve our capacity as we strive for our goal to increase our capacity to 1.4 gigawatts before the end of 2023.”

Canaan shares dip 74% since mid-March

Canaan is a publicly traded firm that has stocks that trade on Nasdaq. Each stock trades Tuesday at $ 9.24 per unit. However, Canaan (Nasdaq CAN) Shares have lost 74.61% in value since March 11, 2021, when a single CAN share traded for $ 36.40. Nangeng Zhu, Canaan’s CEO and president, said that the company continues to be “diligent in helping minor customers grow.”

“Since entering into a long-term partnership with Genesis Digital Assets earlier this year, we’ve seen a number of good deals,” said Zhang. Canaan’s CEO said, “This order with an option for major future purchases further strengthens and reflects both parties’ confidence in the prospect of cryptocurrency mining industry.”

What do YOU think of Canaan’s recent deal with Genesis Digital Assets. Please comment below to let us know your thoughts on this topic.

This story contains tags

1.4 gigawatts, 180K ASIC, 20K ASIC, Abdumalik Mirakhmedov, Bitcoin mining, Bitmain, Canaan, Canaan Avalonminers, Canaan Sale, Canaan Shares, China, Chinese manufacturer of ASIC, Genesis Canaan, Genesis Digital Assets, Marathon, mining, bitcoin mining, mining operation, Purchase of mining platform, Nangeng Zhang, renewable energy, Riot Blockchain

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