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Finance

Genesis Digital Assets Buys 20K Bitcoin Mining Machines From Canaan

The company has the option to purchase 180,000 more.

By James Rubin
AccessTimeIconAug 31, 2021 at 5:39 p.m. UTC
Updated May 11, 2023 at 4:13 p.m. UTC
Components of a bitcoin mining machine (CoinDesk archives)

Genesis Digital Assets has purchased 20,000 bitcoin mining machines from China-based manufacturer Canaan. The price wasn’t disclosed.

  • The bitcoin mining company also has the option to buy an additional 180,000 mining machines from Canaan, the companies announced Tuesday.
  • Abdumalik Mirakhmedov, co-founder and executive chairman of Genesis Digital Assets, said that the machines from this order were part of “ongoing efforts to rapidly scale bitcoin mining operations in North America and the Nordics,” where the company is focusing on renewable energy sources.
  • In June, Genesis Digital Assets purchased 10,000 A1246/A1166Pro mining machines from Canaan, and last month, the company raised $125 million in equity to help fund its North American and Nordic expansion plans.
  • Mirakhmedov added that the latest purchase would “dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023.”
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    James Rubin
    James Rubin

    James Rubin was CoinDesk's U.S. news editor based on the West Coast.

    Follow @@JPRubin23 on Twitter