Genesis Digital Assets, the United States-based Bitcoin (BTC) mining firm, continues to increase its crypto mining power with a new deal with Chinese crypto mining giant Canaan. Canaan has also granted the mining company a chance to acquire up to 180,000 more bitcoin mining machines.
The mining firm has secured a purchase order for acquiring 20K BTC miners from Canaan, according to an official announcement on August 31. Canaan said that with the new purchase the crypto mining firm can acquire an additional 180K mining machines.
Abdumalik Mirakhmedov, Genesis co-founder and executive chairman, said that the new batch of BTC miners will enable the company to expand its mining activities in North America and the Nordics. He also said that Genesis is focused on scaling up in these areas as the firm is mainly focused on energy produced from renewable sources. Mirakhmedov said:
“These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023.”
Based on the firm’s site, Genesis’ data center capacity was at more than 143 megawatts as of July 2021, translating to a total hashrate of 2.6 exahashes (EH/s). This amount is more than 2.6% of the global Bitcoin mining hashrate.
Canaan CEO Nangeng Zhang confirmed that the firm has secured many deals with Genesis after agreeing to a long-term partnership in Q1 2021, beginning with a $93 million Avalon miner deal. Canaan and Genesis have since continued to advance their strategic partnership, signing a 10,000 BTC miner sale in July. Zhang stated:
“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.”
The latest BTC miner purchase comes a few weeks after Genesis closed a $125 million equity funding round in late July. Spear-headed by United Kingdom-based Kingsway Capital, this funding round aimed at generating money for acquiring more mining hardware and launching new data centers in the Nordic region and the United States.
