Skip to main content

Canaan to Sell $93 Million in Next-Generation Bitcoin Miners to Genesis Digital Assets

Canaan to Sell $93 Million in Next-Generation Bitcoin Miners to Genesis Digital Assets

The ASIC bitcoin mining rig manufacturer and chipmaker, Canaan has announced the company has signed a $93.63 million purchase order with the mining firm Genesis Digital Assets. Genesis will be acquiring Canaan’s A1246 Avalonminer rigs that produce 90 terahash per second (TH/s) and deliveries will be shipping during the second half of 2021.

Canaan and Genesis Digital Assets Announce a Strategic Partnership

According to an announcement from the Beijing, China-based company Canaan (Nasdaq: CAN) a new strategic partnership has been unveiled between the firm and Genesis Digital Assets. The two companies have signed a purchase agreement worth $93.63 million as Canaan plans to deliver the firm’s next-generation A1246 Avalonminer devices to Genesis. The machines will be shipped to Genesis during the second half of 2021 the company’s announcement details.

Canaan’s application-specific integrated circuit (ASIC) A1246 Avalonminer is a device that processes the SHA256 consensus algorithm. This means the machines are capable of mining the most mined SHA256 tokens like bitcoin (BTC), bitcoin cash (BCH), and bitcoinsv (BSV). The Avalonminer A1246 series boasts a hashrate speed of around 90TH/s and an efficiency rating of around 38 joules per terahash (J/TH).

The partnership announcement notes that Genesis will add 117 megawatts (MW) of bitcoin computing capacity which will add to the firm’s current 140MW.

“This has been a very exciting year for mining businesses as we see sustained interest in crypto assets,” the founder of Genesis Digital Assets Abdumalik Mirakhmedov said during the announcement. “With its combination of power and cost efficiency, leveraging Canaan’s A1246 miners will give us a strategic advantage in meeting current demand. In working together, we look forward to strengthening our position as a leading player in the global bitcoin mining ecosystem,” the Genesis executive added.

CAN Shares Decline 8% Since Canaan’s Recent Deal With Mawson Infrastructure Group

Canaan’s deal with Genesis follows the company’s recent sale of 11,760 Avalonminers to the U.S.-listed Mawson Infrastructure Group (WIZP:OTCQB). Canaan’s shares had jumped after the Mawson announcement, but have since seen a -8.56% decline dropping from $13.77 a share to today’s $12.59 per share price.

Nangeng Zhang, CEO and Chairman of Canaan said that the company is pleased to partner with Genesis and remarked that the deal furthers Canaan’s presence globally.

“2021 has been an exceptionally fruitful year for the bitcoin mining sector amid increasing interest among institutional players and new geographic hotspots emerging for mining activities,” Zhang remarked on Wednesday.

What do you think about Canaan’s strategic $93.63 million deal with Genesis Digital Assets? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/2PxX4hQ
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more