U.S-based Bitcoin mining company Genesis Digital Asset has agreed to <a href="https://canaan.io/1165.html" target="_blank" rel="nofollow noopener">purchase</a> another 20,000 fresh units of Bitcoin mining machines from the Chinese ASIC manufacturing company Canaan Creative.
<h2><strong>Genesis Digital Asset Wants to Expand Its Mining Operations</strong></h2>
In addition to the new purchase, Canaan also granted Genesis the option to buy 180,000 units of new Bitcoin mining units in the future. Should the deal go through, this would be the “largest mining machine deal to date” purchased from a single order. Previously, Genesis Digital purchased over $93 million of Canaan’s Bitcoin mining machines.

Abdumalik Mirakhmedov, co-founder and executive chairman of Genesis Digital Assets said that the new orders will help in the company’s <a href="https://www.cryptoknowmics.com/news/genesis-digital-assets-raises-125m-to-expand-in-the-us-and-nordic-region/">further expansion</a> in North America and the Nordics using renewable energy.
<blockquote><em>“The Bitcoin mining machines from this latest purchase order are part of our on-going efforts to rapidly scale our bitcoin mining operations in North America and the Nordics where we are focused on energy that comes from renewable sources.”</em></blockquote>
He added that the new batch of orders will “dramatically” increase the company’s mining capacity to help reach Genesis’s plan of reaching 1.4 gigawatts by the end of 2023.

https://twitter.com/canaanio/status/1432662828511465473
<h2><strong>Controlling Over 2.4% of the Global Bitcoin Mining Hashrate</strong></h2>
Canaan CEO Nangeng Zhang pointed out that the company has secured several deals with Genesis after entering a long-term partnership in Q1 2021:
<blockquote><em>“Since we entered the long-term partnership with Genesis Digital Assets earlier this year, we have reached several great deals. This order with an option of future large purchases further solidifies our collaborations and reflects both parties’ confidence in the prospect of the cryptocurrency mining industry.”</em></blockquote>
Genesis Digital Assets is one of the largest Bitcoin mining companies in the world. Since 2013, the company has brought over 300,000 mining machines. As of August, Genesis’s data center has a mining capacity of over 170 megawatts, which is a total hashrate of over 3.1 EH/s, which is over 2.4% of the global Bitcoin mining hashrate.

The latest Bitcoin ASIC miners purchase comes shortly after Genesis closed a $125 million equity funding round in late July, led by U.K-based Kingsway Capital.

Genesis Digital Asset Buys 20,000 Bitcoin Miners from Canaan

U.S-based Bitcoin mining company Genesis Digital Asset has agreed to purchase another 20,000 fresh units of Bitcoin mining machines from Canaan Creative.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Genesis Digital Asset Buys 20,000 Bitcoin Miners from Canaan

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