AGM Receives Second Batch of Orders for ASIC Miners

The order from MinerVa builds on a previous deal for 30,000 units of ASIC crypto miners to Nowlit Solutions.

Oct 21, 2021 at 2:47 p.m. UTC
Updated Oct 21, 2021 at 2:47 p.m. UTC

AGM Group, a fintech software-service and hardware provider, said it received an order for 25,000 of its 100 terahash-per-second ASIC miners from MinerVa Semiconductor.

  • The Beijing-based company will get $20 million in deposit, with the rest paid before delivery starts, according to a statement. The company didn’t disclose the total amount for the deal.
  • “The purchase enables us to increase our cash flow, which gives us a sound financial footing as we begin our plans for mass production in 2022,” said recently appointed Steven Sim, the company’s chief financial officer.
  • MinerVa is a high-performance ASIC design and manufacturing company that provides technology services to notable global blockchain players including Terawulf and TrueNorth Data Solutions.
  • On Oct. 13, AGM Group signed a deal to supply 30,000 units of 100 TH/s ASIC crypto miners to Nowlit Solutions .
  • The stock of AGM Group (AGMH) was up 3.2% on Wednesday at 10 a.m. in New York.

DISCLOSURE

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.

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets