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Canaan, a Beijing-based ASIC mining machine manufacturer, announced the sale of 10,000 Bitcoin mining machines to Genesis Digital Assets Limited. Canaan plans to deliver 10,000 A1246 and A1166 Pro Avalonminers by the end of this month.
Canaan Zhizhi Company (NASDAQ: CAN) has been conducting a lot of business activities in 2021, because this ASIC mining machine manufacturer believes that its revenue will reach about 250 million US dollars by the end of the second quarter.
The larger share of expected revenue is due to the large number of mining equipment orders from various companies in 2021, which purchased thousands of Avalonminers. On Wednesday, the company announced that Genesis Digital Assets has completed a purchase order for 10,000 A1246 and A1166 Pro Avalonminers.
According to Canaan, all mining machines to Genesis Digital Assets will be delivered by June 30, 2021. There is an existing relationship between the two companies because Canaan sold the company’s next-generation Bitcoin mining machine worth $93 million at the end of April.
Abdumalik Mirakhmedov, co-founder and executive chairman of Genesis Digital Assets, commented on Wednesday: “We are delighted to continue to establish a strategic partnership with Canaan to support these plans.” Mirakhmedov further added:
Our strategy has always been to grow faster than other markets. Achieving this goal requires building and launching new data centers, expanding the capacity of our existing facilities, and installing first-class hardware. Our recent purchase order for the Canaan Avalon mining machine will help us increase the hash rate by at least twice in the next few months.
Genesis Digital Assets was launched in 2013 and claims to have mined “over 1 billion U.S. dollars in Bitcoin” since then. “As of June 2021, Genesis Digital Assets’ data center capacity exceeds 140MW, which translates into a total computing power exceeding 2.1 EH/s, which is more than 1.4% of the total Bitcoin network computing power,” the company’s disclosure pointed out.
Canaan has been revealing orders with companies such as Mawson Infrastructure Group and Hive Blockchain throughout the year. The Beijing-based ASIC mining machine manufacturer also launched a new underwater liquid-cooled Bitcoin mining machine called Avalonminer A1066I this year.
Recently, since China cracked down on Bitcoin mining, Jianan Zhizhi revealed that the company is developing ASIC mining machine services in Kazakhstan. Other top Bitcoin mining machine manufacturers such as Microbt and Bitmain also ordered thousands of mining machines this year.
What do you think of Canaan selling 10,000 Bitcoin miners to Genesis Digital Assets? Please tell us your thoughts on this topic in the comments section below.
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