Genesis to Acquire Additional 20K Bitcoin Mining Rigs from Canaan

By Palak Malhotra
Published August 31, 2021 Updated August 31, 2021
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Genesis to Acquire Additional 20K Bitcoin Mining Rigs from Canaan

By Palak Malhotra
Published August 31, 2021 Updated August 31, 2021

The Bitcoin Mining firm, Genesis Digital Assets’ recent partnership with Canaan Creative, China’s biggest mining rig manufacturer has caught miners’ attention. Genesis has announced the additional purchase of a hefty 20,000 units of Bitcoin ASIC miners from Canaan Creative. However, the model type and USD sum-up of the partnership has not been revealed yet.

Furthermore, the firm expects to utilize the new purchase towards its expansion plan in the North American region, and the Nordics, enabling sustainable energy consumption in crypto mining.

“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,” said Abdumalik Mirakhmedov, co-founder and executive chairman of Genesis Digital Assets.

Genesis’ $93.63 Million order to Canaan Creative

The 20,000 mining rigs purchase is a follow-up order after Genesis’ April splurge on cryptocurrency mining machines, worth more than $93 million. According to the press release, the former deal was the beginning of Canaan’s “long-term strategic partnership with Genesis Digital Assets,” which is described as “an industrial-scale bitcoin mining firm.”

Genesis bought Canaan’s next-generation A1246 AvalonMiner rigs, with the hash rate potential of 90 tera-hashes per second, accompanied by the power efficiency of 38 joules per tera-hash.

“This has been a very exciting year for mining businesses as we see sustained interest in crypto assets…With its combination of power and cost efficiency, leveraging Canaan’s A1246 miners will give us a strategic advantage in meeting current demand.”, said Abdumalik Mirakhmedov.

Canaan advised the Chinese Govt. to reconsider the mining ban

Earlier this year, in June, Canaan had requested the Chinese authorities to reconsider its expanding ban on crypto mining activities in the country. Canaan argued that the government should make an exception for businesses utilizing sustainable resources over cheap electricity for crypto mining.

“For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste. Bitcoin miners also help create jobs in impoverished regions and contribute to fiscal coffers,” Canaan Inc CEO, Zhang Nangeng told Reuters.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
330 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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