Canaan Inc. (NASDAQ: CAN) has secured a purchase order from Genesis Digital Assets Limited for 10,000 of its A1246 and A1166Pro Bitcoin mining machines. Genesis Digital Assets is a BTC mining firm with several mining data centers. Cannan will provide the Bitcoin mining machines to Genesis Digital Assets by June 30, 2021, as per the conditions of the Order.
Canaan and Genesis Digital Assets enhancing their strategic collaboration
Nangang Zhang, Canaan CEO and Chairman, said that they are thrilled to report that Genesis Digital Assets has placed another purchase order with the company. Following an initial order from Genesis Digital Assets valued at $93.63 million that Canaan secured in April of this year, this is a tangible progression of both parties’ long-term strategic collaboration. Zhang said that to consolidate their footing in international markets further, they will repeat this successful collaboration model with many customers. Meanwhile, Canaan will continue focusing on large-scale and long-term customers to mitigate the impact of short-term crypto price swings on its operations.
Genesis Digital Assets expects the latest order to help it double its hash rate.
According to Genesis Digital Assets’ Co-founder and Chairman Abdumalik Mirakhmedov, the company’s strategy has always been to outperform the competition in terms of growth. Abdumalik said that to achieve that requires the construction and launch of new data centers, the expansion of current facilities’ capacities, and the installation of world-class technology. He said that the latest purchase orders for Canaan’s Avalon Miners would allow the company more than to double its hash rate in the coming months. Most importantly, Genesis Digital Assets is looking forward to continuing its strategic engagement with Canaan to help them achieve its goals.
Genesis Digital Assets has since 2013 created over 20 industrial-scales Bitcoin mining farms, deployed over 250,000 miners, and mined over $1 billion in Bitcoin.