Genesis Digital Assets, a Bitcoin (BTC) mining company based in the United States, has partnered with Canaan, a Chinese cryptocurrency mining giant to buy Bitcoin miners. The fresh batch of Bitcoin miners will help in the company’s expansion.
Canaan, the mining machine maker, said on Aug. 31 that Genesis had received a purchase order for 20,000 Bitcoin miners.
Canaan has also given Genesis the option to buy up to 180,000 additional BTC mining machines in conjunction with the new purchase, according to Canaan.
Abdumalik Mirakhmedov, Genesis’ co-founder and executive chairman, said the fresh batch of Bitcoin miners will help the company grow its mining operations in North America and the Nordics.
He went on to say that Genesis is focused on scaling up in these areas because the company is focused on sustainable energy.
“These new machines will significantly improve our capacity as we seek to achieve our objective of 1.4 gigawatts by the end of 2023,” Mirakhmedov added.
Genesis’ data center capacity was over 143 megawatts as of July 2021, or a total hashrate of 2.6 exahashes (EH/s), which is more over 2.6 percent of the worldwide Bitcoin mining hashrate, according to the company’s website.
After signing a long-term relationship with Genesis in Q1 2021, Canaan CEO Nangeng Zhang noted that the company has secured many partnerships with Genesis, beginning with a $93 million Avalon miner deal.
Since then, Genesis and Canaan have kept the strategic collaboration moving forward, signing a 10,000 Bitcoin miner sale in July.
“This order, which includes the option of future significant purchases, strengthens our partnerships and indicates both sides’ belief in the cryptocurrency mining industry’s prospects,” Zhang added.
Genesis just completed a $125 million equity investment round, and the latest Bitcoin miner purchase comes shortly after that.
The round, led by Kingsway Capital of the United Kingdom, aims to raise funds for the purchase of more mining hardware and the opening of new data centres in the United States and the Nordic region.
