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HomeNewsGenesis Digital Assets buys an additional 20,000 bitcoin miners from Canaan

Genesis Digital Assets buys an additional 20,000 bitcoin miners from Canaan

US Bitcoin mining company Genesis Digital Assets is expanding its cryptocurrency mining power with a new deal.

Canaan Inc., a leading provider of high-performance computing solutions, announced that it has received an order from Genesis Digital Assets Limited, a leading bitcoin mining company with extensive experience building and operating bitcoin mining data centers in the industrial scale, has received over 20,000 of its Bitcoin mining machines. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented:

“Since we entered into a long-term partnership with Genesis Digital Assets earlier this year, both parties have achieved several great deals. This order, with the option of future bulk purchases, further solidifies our collaboration and reflects the confidence of both parties in the prospects of the cryptocurrency mining industry. All of these mutually beneficial deals show the quality of our products and our ambition to deliver for our customers despite the generally difficult conditions in the supply chain. We continue to strive to help miner customers expand their computing power while creating value for our shareholders. “

In addition to the 20,000 units, Canaan Genesis Digital Assets has given an option to purchase up to 180,000 new units of its mining equipment. That, if executed, would be the largest known amount of bitcoin miners ever purchased in a single order. The new deal follows a $ 93 million deal that Genesis Digital Assets completed with Canaan in April.

The latest purchase of the Bitcoin miner comes shortly after Genesis closed a $ 125 million financing round in late July. Led by UK-based Kingsway Capital, the round aimed to raise funds to purchase additional mining hardware and start new data centers in the United States and Scandinavia.

Genesis Digital Assets is one of the largest and most experienced bitcoin mining companies in the world. Since 2013, the company’s founders have built over 20 industrial-scale mining farms, brought over 300,000 miners online, and mined over $ 1 billion in Bitcoin.

Image @ Pixabay / License

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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