Genesis Digital Assets Buys 20,000 Bitcoin Miners After $ 125 Million Raise

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U.S. Bitcoin (BTC) mining firm Genesis Digital Assets continues to expand its cryptocurrency mining power with a new deal with Chinese crypto mining giant Canaan.

Genesis has secured a purchase order for the purchase of 20,000 Bitcoin miners from Canaan, the mining machinery maker announced on August 31.

Along with the new purchase, Canaan also granted Genesis the ability to purchase up to 180,000 additional BTC mining machines, Canaan said.

Genesis co-founder and executive chairman Abdumalik Mirakhmedov noted that Bitcoin’s new batch of miners will help the company further expand its mining operations in North America and the Nordic countries. He added that Genesis is focused on scaling up in these regions as the company focuses on energy from renewable sources.

These new machines will significantly increase our capacity as we work towards our goal of increasing our capacity to 1.4 gigawatts by the end of 2023, Mirakhmedov said. According to the company’s website, the capacity of the Genesis data center was over 143 megawatts in July 2021, for a total hashrate of 2.6 exahash (EH / s), or more than 2.6% of the hashrate. global Bitcoin mining company.

Canaan CEO Nangeng Zhang pointed out that the company made several deals with Genesis after entering into a long-term partnership in the first quarter of 2021, starting with a deal with a $ 93 million miner Avalon. Genesis and Canaan have since continued to advance the strategic partnership, signing a sale of 10,000 Bitcoin miners in July.

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This order with an option of large future purchases further strengthens our collaborations and reflects the confidence of both parties in the prospect of the cryptocurrency mining industry, Zhang added.

Bitcoin’s latest miner buy comes shortly after Genesis closed a $ 125 million fundraising round at the end of July. Led by UK-based Kingsway Capital, the round aimed to generate funds to purchase more mining equipment and launch new data centers in the US and the Nordic region.

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