Genesis Digital Assets Purchases Additional 10,000 Mining Machines From Canaan

The order is to be completed by the end of the month.

By Jamie Crawley

Jun 16, 2021 at 11:10 a.m. UTC

Updated Sep 14, 2021 at 1:11 p.m. UTC

gpus — Components used in bitcoin mining machines.

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Genesis Digital Assets has purchased an additional 10,000 mining machines from manufacturer Canaan.

The order for 10,000 A1246/A1166Pro machines is set to be completed by the end of this month, an announcement Wednesday said.
It follows the signing of a partnership between the Nasdaq-listed manufacturer and Genesis Digital Assets for the purchase of Canaan's A1246 Avalon Miner machines valued at up to $93.6 million.
Abdumalik Mirakhmedov, co-founder of Genesis Digital Assets, said he expects the purchase will help increase the firm's hash rate "by a minimum of twofold over the coming months."
Earlier this month, China-based Canaan (NASDAQ:CAN) announced that it expected to book net revenue of between $150 million and $250 million in the second quarter.

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