Bitcoin Mining Firm Genesis Makes $93 Million Purchase Of Canaan ASICs

Bitcoin mining firm Genesis Digital Assets announced a $93 million partnership with Canaan to increase its capacity by 117 megawatts.

According to a press release sent to Bitcoin Magazine, bitcoin miner manufacturer Canaan “announced a long-term strategic partnership with Genesis Digital Assets, an industrial-scale bitcoin mining firm.”

Through the partnership, Genesis is set to receive $93.63 million worth of Canaan’s next-generation A1246 AvalonMiner rigs, which it says can produce a hash rate of 90 terahashes per second with a power efficiency of 38 joules per terahash. Genesis is set to receive the rigs in the first half of this year, and they could add up to 117 megawatts of computing capacity to its mining operation.

The partnership joins two of the longest-running companies in the bitcoin mining business. Canaan invented the world’s first ASIC-powered bitcoin mining machine in 2013 and is the second-largest designer and manufacturer of bitcoin mining machines globally. Meanwhile, Genesis Digital Assets is a bitcoin mining company that has also been active since 2013, having mined over $1 billion in bitcoin, per the release.

“This has been a very exciting year for mining businesses as we see sustained interest in crypto assets,” said Abdumalik Mirakhmedov, Founder of Genesis Digital Assets, according to the release. “With its combination of power and cost efficiency, leveraging Canaan’s A1246 miners will give us a strategic advantage in meeting current demand.”

The year 2021 has been exciting for mining companies as they attempt to increase capacity as bitcoin’s value rises and mining becomes more competitive. This month alone, Riot Blockchain purchased over $138 million in mining rigs, Canada’s DMG Blockchain acquired 3,600 bitcoin mining ASICs and Argo Blockchain announced the purchase of a 320-acre plot in Texas to build a mining facility with renewable energy sources.