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

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

AccessTimeIconJun 16, 2021 at 11:10 a.m. UTC
Updated Sep 14, 2021 at 1:11 p.m. UTC

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC