Canaan, a lead supercomputing service provider and inventor of the first ASIC Bitcoin miner, announced that they have secured an option to sell 200,000 Bitcoin miners to Genesis Digital Assets. If executed this would be the largest Bitcoin mining machine sale ever made.
Genesis Digital has previously purchased over $93 million of Canaan’s mining machines. Included in the renewed partnership deal was the sale of an initial 20,000 mining machines, which included the purchase option of up to an additional 180,000 machines.
Chairman and Chief Executive Officer of Canaan, Mr. Nangeng Zhang commented, “Since we entered the long-term partnership with Genesis Digital Assets earlier this year, we have reached several great deals. 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. All these mutually beneficial deals demonstrate the quality of our products and our endeavor to deliver for clients, despite the overall challenging supply chain condition. We remain diligent in helping miner clients expand their computing power while generating value for our shareholders.”
Co-Founder and Executive Chairman of Genesis Digital Assets, Abdumalik Mirakhmedov, said: “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. 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.”
Genesis Digital Assets is already one of the largest Bitcoin mining companies in the world. They have brought over 300,000 miners online since 2013. As of August, the firm’s data center had a mining capacity of over 170 megawatts, which is a total hashrate of over 3.1 EH/s, which is over 2.4% of the global Bitcoin mining hashrate.