The China-based bitcoin ASIC mining machine manufacturer Canaan has announced the company has forged a partnership with Genesis Digital Assets, and the two firms have now signed a deal for a large purchase order. Genesis will buy 20,000 bitcoin miners from Canaan and the mining operation also has the option to purchase an additional 180,000 mining rigs from the Chinese ASIC manufacturer.
Canaan Sells Genesis 20K Miners, Genesis Can Buy 180K More
Bitcoin mining rig manufacturers have made very large sales during the second half of 2020 and into 2021. For instance, in December 2020, Bitcoin.com News reported on Marathon’s record-breaking acquisition of 70,000 high-performance bitcoin miners from Bitmain for $170 million. That same month, Riot Blockchain bought 15,000 Antminers from Bitmain.
During the first week of August 2021, Marathon purchased 30,000 miners from Bitmain. Canaan sold 11,760 next-generation A1246 ASIC Avalonminers to a company called Mawson Infrastructure Group in April. At the end of that same month, Genesis Digital Assets purchased $93 million worth of ASICs from Canaan. In mid-June, Genesis revealed it bought 10,000 ASIC bitcoin miners from Canaan.
Now Genesis and Canaan have announced the companies have settled on another agreement. According to the announcement on August 31, the mining operation Genesis has purchased 20,000 bitcoin mining machines from the China-based mining rig maker.
But the two companies are also looking to settle on the “largest mining machine deal to-date,” as Genesis now has the option to purchase 180,000 ASIC miners from Canaan. The co-founder and executive chairman of Genesis Digital Assets, Abdumalik Mirakhmedov, says the firm hopes to increase the capacity a great deal by 2023.
“The Bitcoin mining machines from this latest purchase order are part of our on-going efforts to rapidly scale our bitcoin mining operations in North America and the Nordics where we are focused on energy that comes from renewable sources,” Mirakhmedov said in a statement. “These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023.”
Canaan Shares Dip 74% Since Mid-March
Canaan is a publicly-listed firm, which has shares that trade on Nasdaq, and each share on Tuesday is swapping for $9.24 per unit. However, Canaan (Nasdaq: CAN) shares have lost 74.61% in value since March 11, 2021, when a single CAN share exchanged hands for $36.40. Nangeng Zhang, the chairman and CEO of Canaan, says the company remains “diligent in helping miner clients” expand.
“Since we entered the long-term partnership with Genesis Digital Assets earlier this year, we have reached several great deals,” Zhang said. “This order with an option of future large purchases further solidifies our collaborations and reflects both parties’ confidence in the prospect of the cryptocurrency mining industry,” the Canaan CEO added.
What do you think about Canaan’s recent deal with Genesis Digital Assets? Let us know what you think about this subject in the comments section below.
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The China-based bitcoin ASIC mining machine producer Canaan has introduced the corporate has cast a partnership with Genesis Digital Property, and the 2 corporations 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 example, 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.
Through the first week of August 2021, Marathon bought 30,000 miners from Bitmain. Canaan offered 11,760 next-generation A1246 ASIC Avalonminers to an organization known as Mawson Infrastructure Group in April. On the finish of that very same month, Genesis Digital Property bought $93 million price 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 decide on 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 excellent 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 targeted on power that comes from renewable sources,” Mirakhmedov mentioned in an announcement. “These new machines will dramatically improve our capability as we work in 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 purchasers” increase.
“Since we entered the long-term partnership with Genesis Digital Property earlier this 12 months, now we have reached a number of nice offers,” Zhang mentioned. “This order with an possibility of future giant purchases additional solidifies our collaborations and displays each events’ confidence within the prospect of the cryptocurrency mining business,” the Canaan CEO added.
What do you concentrate on Canaan’s latest take care of Genesis Digital Property? Tell us what you concentrate on this topic within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss induced or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.
