Canaan, a leading provider of supercomputing solutions, announced a follow-on order from Genesis Digital Assets, an industrial-scale Bitcoin mining firm, for 10,000 units of Bitcoin mining machines A1246/A1166Pro to be shipped by the end of June 2021.
This new order comes on the heels of a recently announced strategic partnership between Canaan and Genesis Digital Assets in Q1 2021 where Genesis Digital Assets had purchased Canaan’s next-generation A1246 Avalon Miner mining machines valued up to US$93.63 million.
The A1246, Canaan’s latest Avalon Miner model, is an SHA-256 algorithm with a maximum hashrate of 90Th/s for a Power Efficiency of 38J/TH.
Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, said: “Our strategy has always been to grow faster than the rest of the market. Achieving this requires building and launching new data centers, growing capacity of the existing facilities, and installing first-class hardware. Our recent purchase orders of Canaan’s Avalon Miners will help us to grow our hash rate by at least two times over the upcoming months. We are excited to continue our strategic partnership with Canaan to support these plans”.
The team behind Genesis Digital Assets has been Bitcoin mining at an industrial-scale since 2013. Today their operations represent 1.4 percent of Bitcoin’s global mining hashrate.
Nangeng Zhang, CEO and Chairman of Canaan, said: “In order to reduce the impact of short-term price fluctuations, we have reprioritized our sales focus to our long-term and large-scale customers. We believe that the partnership with Genesis Digital Assets will continue to strengthen and enable both our companies to retain their leading positions with technological innovations and efficiency of mining operations”.
Canaan recently announced their strong Q1 results, and key strategies to ensure continued growth and product yield improvements such as close collaboration with their foundry partners to enhance chip manufacturing process, as well as the sales focus on strategic partnerships with larger international customers, which now represent over 70% of their revenues.
About Canaan Inc.
Canaan is a leading provider of supercomputing solutions, distinguished for superior cost-efficiencies and performance. In addressing the limitations of today’s computing hardware, Canaan strives to advance the world we live in by powering transformative technologies.
Canaan is renowned for having invented the world’s first ASIC-powered Bitcoin mining machine in 2013, radically catalysing the growth of a computationally advanced Bitcoin mining sector. Today, Canaan continues to be the second largest designer and manufacturer of Bitcoin mining machines globally.
Developed through academic research, rigorous expertise in semiconductor design, and backed by a robust network of strategic partners, Canaan continues to expand its suite of advanced hardware offerings, exploring opportunities across some of the world’s most exciting emerging technologies.
For more information, visit canaan.io
About Genesis Digital Assets Limited
Genesis Digital Assets Limited is one of the world’s largest and most experienced Bitcoin mining companies. Since 2013, Genesis Digital Assets and its legal predecessors have built over 20 industrial-scale Bitcoin mining farms, brought over 250,000 miners online, and mined over US$1 billion in Bitcoin. As of June 2021, Genesis Digital Assets’ data center capacity was more than 140MW, translating into a total hashrate in excess of 2.1 EH/s, which is more than 1.4% of the total Bitcoin network hashrate.
For more information, visit genesisdigitalassets.com