Genesis Digital Assets expands its portfolio with 10,000 BTC Mining Machines

Canaan Inc. announced today the conclusion of an agreement to sell 10,000 A1246 and A1166 Pro BTC mining machines to Genesis Digital Assets.

Genesis Digital Assets expands its portfolio with 10,000 BTC Mining Machines

Canaan (NASDAQ: CAN), a leading provider of supercomputing solutions, characterized by superior cost-efficiencies and performance, won today a significant order for 10,000 Bitcoin mining machines.

China-based computer hardware manufacturer informed about it through an official report stating that the customer is Genesis Digital Assets.

Genesis Digital Assets is considered to be the most experienced Bitcoin miners in the world, especially since they have been in the industry since 2013.

The fact that this is a truly significant deal in this case is evidenced by the size of the order, namely 10,000 A1246 and A1166 Pro Bitcoin mining machines, which Canaan will deliver in full by 30 June 2021 under the agreement.

We are excited to announce this additional purchase order from Genesis Digital Assets. This is a concrete advancement of both parties' long-term strategic partnership, following an initial order from Genesis Digital Assets valued at up to US$93.63 million that we secured in April this year. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan

Enthusiasm was also not hidden by Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, who stated "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."

At present, Genesis Digital Assets boasts a data center capacity of more than 140MW and thus a total hash rate of  2.1 EH / s. In conversion, this means that they have a power corresponding to more than 1.4% of the total Bitcoin network hashrate.

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