Bitcoin mining firm Genesis Digital Assets has purchased an additional 10,000 Bitcoin miners from the ASIC machine manufacturer Canaan.
By the end of the month, Canaan plans to complete the order of 10,000 A1246 and A1166 Pro Avalonminers.
The move isn’t the first time the two companies have dealt with each other. Earlier this year, Genesis Digital Assets bought $93.6 million worth of AI2146 bitcoin miners from the Beijing-based manufacturer.
According to the co-founder of Genesis Digital Assets, Abdumalik Mirakhmedov, the purchase will help increase the company’s hash rate “by a minimum of twofold over the coming months.”
Canaan Expects $250 million In Revenue Amidst The Mining Boom
Canaan expects to see $250 million in revenue by the end of the quarter. This follows from the fact that the Chinese ASIC miner manufacturer has made many business moves this year.
Other Canaan orders include the likes of Mawson Infrastructure Group and Hive Blockchain. The company has also launched Avalonminer A1066I, a submerged, liquid-cooled miner machine.
Mirakhmedov says the following about their partnership with the manufacturer:
We are excited to continue our strategic partnership with Canaan to support these plans
The Genesis Digital Assets CEO further comments:
Our strategy has always been to grow faster than the rest of the market. Achieving this requires building and launching new data centers, expanding the capacities of our existing facilities, and installing first-class hardware. Our recent purchase orders for Canaan’s Avalon Miners will help us to increase our hash rate by a minimum of twofold over the upcoming months.
Not just Canaan, but also other mining manufacturers like Microbt and Bitmain are getting orders for thousands of rigs as the mining boom continues.