Canaan, a leading provider of supercomputing solutions, announced a long-term strategic partnership with Genesis Digital Assets, an industrial-scale bitcoin mining firm. Through the partnership, Genesis Digital Assets has signed contracts for Canaan’s next-generation A1246 AvalonMiner mining machines for the first and second quarters of 2021 valued up to US$93.63 million.
The A1246, Canaan’s latest AvalonMiner model, is a SHA256 mining rig, first launched in Q3 2020. The A1246 produces a stable hashrate of 90TH/s with a power efficiency of 38J/TH, making it one of the fastest ASIC miners on the market today. Through these purchase contracts, Canaan will enable Genesis Digital Assets to add 117MW of next-generation bitcoin computing capacity in addition to the currently running 140MW.
Abdumalik Mirakhmedov, Founder of Genesis Digital Assets, said: “This has been a very exciting year for mining businesses as we see sustained interest in crypto assets. 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.”
Genesis Digital Assets is one of the world’s largest and most experienced bitcoin mining companies. With years of industry experience and proprietary technology, its founders have built over 20 industrial-scale mining farms from scratch since 2013. During this time, Genesis Digital Assets and its legal predecessors brought over 250,000 miners online and mined over US$1 billion in bitcoin. To date, Genesis Digital Assets’ operations account for 1.2 percent of bitcoin’s global mining hashrate.
Nangeng Zhang, CEO and Chairman of Canaan, said: “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. We are thrilled to be embarking on this strategic, long-term partnership with Genesis Digital Assets to support this new phase of business growth for their team while further establishing our presence in new markets across the globe.”
In 2021, Canaan established its first global after-sales service centre outside of China to optimise hardware repair rates and deliver on service excellence. At its global after-sales service centre, Canaan provides performance testing, maintenance, and troubleshooting for its mining hardware line. In addition, Canaan offers technical support and training for their local clients, assisting them with firmware upgrades, mining pool access and configuration, and FMS mine management tool applications.
Earlier this year, Canaan made notable sales with Toronto Stock Exchange-listed mining firm HIVE Blockchain for 6,400 mining machines and US-listed Mawson Infrastructure Group for 11,760 mining machines.
About Canaan
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
Genesis Digital Assets is one of the world’s largest and most experienced bitcoin mining companies. Since 2013, founders of the company have built over 20 industrial-scale mining farms, brought over 250,000 miners online, and mined over $1 billion in bitcoin.
For more information, visit genesisdigitalassets.com