Genesis Orders More Bitcoin Mining Rigs From Canaan

Genesis Digital Assets has confirmed a follow-up order for 10,000 additional mining hardware with Chinese manufacturer Canaan. 

Genesis Ramps Up Expansion 

Canaan has sold another batch of Bitcoin mining machines to Genesis Digital Assets.

The NASDAQ-listed hardware manufacturer will deliver 10,000 A1246 mining units, adding to a previous deal worth $93.63 million.



The A1246 model is Canaan’s latest product. It offers a hashrate of 90 TH/s. Its average price on Alibaba is around $5,000.

The new order from Genesis comes in less than two months since their last deal in on Apr. 29. The mining data center hosts 140 Megawatt Bitcoin mining farms globally, accounting for 1.2% of the total Bitcoin’s hashrate.

Abdumalik Mirakhmedov, the CEO and co-founder of Genesis, commented on the expansion noting that it would help the firm scale its operations. He said:



“Our recent purchase orders of Canaan’s Avalon Miners will help us to grow our hashrate by at least two times over the upcoming months.”

Canaan is of the world’s leading Bitcoin mining machine manufacturers, with Bitmain and Whatsminer as its closest competitors. Commenting on the sale, Canaan CEO and Chairman Nangeng Zhang said that the firm had turned its focus to “long-term and large-scale” customers to protect itself against short-term price fluctuations.

China’s ongoing regulatory crackdown on the mining industry is boosting sales of mining rigs elsewhere. It’s also led many miners to move to other locations offering cheap electricity facilities.


The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article