Genesis Digital Assets has purchased another 10,000 Bitcoin mining machines from ASIC machine manufacturer Canaan.
By the end of this month, Canaan plans to complete an order for 10,000 units of A1246 and A1166 Pro Avalonminers. The two companies have done business together before. Earlier this year, Genesis Digital Assets purchased an AI2146 Bitcoin mining machine worth $93.6 million from a manufacturer in Beijing.
According to Abdumalik Mirakhmedov, co-founder of Genesis Digital Assets, the acquisition will help at least double the company’s hash rate in the coming months.
“Canaan expects revenue at the end of the quarter to reach 250 million US dollars. This is due to the many business actions made by Chinese ASIC mining machine manufacturers this year.
Other orders from Canaan include companies such as Mawson Infrastructure Group and Hive Blockchain. The company also launched the Avalonminer A1066I, a liquid-cooled underwater mining machine.
Mirakhmedov talked about his partnership with the manufacturer: We are very pleased to continue our strategic partnership with Jianan Zhizhi to support these plans. Group and Hive Blockchain. The company also launched Avalonminer A1066I, a liquid-cooled underwater miner.
Mirakhmedov said “we are very happy to continue to establish strategic partnerships with Canaan to support these plans, not only Canaan, but also other mining manufacturers.
For example, as the mining boom continues, Microbt and Bitmain have received orders for thousands of drilling rigs. Since the beginning of the COVID pandemic, there has been a shortage of not only chips, but also other materials.
GPUs are among the worst-hit commodities right now, mining prosperity will only make things worse.
In a recent interview, Nvidia CEO Huang Jensen commented on the matter. Currently, Nvidia GPUs are mainly used for ETH mining. Ethereum chose our GPUs because it is the largest distributed supercomputer network in the world. It is programmable. When Bitcoin first appeared, it used our GPU.
Huang stated that he was excited about moving to Proof of Stake. A PoS system means a more efficient system that does not rely on computing power, making it easier to power the GPU.
However, the chip shortage will continue for some time here, even if the mining boom is over. it is unlikely to decrease before next year.
BTC continued to rise slightly, and its value rose by 3.1% last week.