Canaan sells Genesis Digital Assets miners for about $94M

by in Cryptocurrency News


Chinese manufacturer Canaan Creative has announced a strategic partnership with Genesis Digital Assets to supply the mining company with $ 93.63 million worth of Bitcoin mining devices.

We are talking about ASIC miners of the AvalonMiner A1246 model. According to the statement, after the order is fulfilled, the installed capacity of Genesis Digital Assets equipment will increase by 117 MW. The current figure is 140 MW with a hash rate of more than 2 EH / s.

The creation of Genesis Digital Assets is the result of a partnership between two co-founders of the cloud mining service Genesis Mining, Marko Streng and Marko Krona, as well as entrepreneurs Abdumalik Mirakhmedov, Andrey Kim, and Rashit Makhat.

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“Back in 2016, we were looking for a partner who would help us quickly scale up our activities. We met Abdumalik, Andrey, and Rashit, and it immediately became clear how much their skills complemented ours. They have helped us achieve higher profitability than ever before and move to a new level of operational efficiency. We are incredibly excited to publicly announce the new brand and partnership,” commented Streng.

The press release says that since 2013, the founders of the company have built more than 20 mining farms, connected over 300,000 miners to the network, and mined about $ 1 billion worth of bitcoins.

Recall that since the beginning of the year, it became known about several Canaan contracts, the equipment was purchased by HIVE Blockchain Technologies, Core Scientific, and Blockcap. The largest order for 11,760 AvalonMiner A1246 units was made by the Australian firm Mawson Infrastructure Group.