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Canaan Secures Order for 30,000 Bitcoin Mining Rigs From Genesis Digital Assets – Mining Bitcoin News

The application-specific built-in circuit (ASIC) bitcoin mining rig producer Canaan has introduced the corporate has secured a follow-on contract from Genesis Digital Assets for 30,000 mining machines. The sale is a part of an settlement between Canaan and Genesis that provides the mining operation the choice to buy as much as 180,000 ASIC bitcoin mining rigs.

Canaan Secures Follow-on Contract for 30K Bitcoin Miners From Genesis Digital Assets

At the top of August, Genesis Digital Assets bought 20,000 of Canaan’s prime ASIC bitcoin mining rigs and defined that it had the choice to purchase 180K extra. Following the announcement, Genesis raised $431 million from strategic buyers on the finish of September, and the next week it revealed a brand new knowledge heart in Texas. Now Genesis is following up on its cope with Canaan and has inked a follow-on contract with the mining rig producer for 30,000 extra ASIC miners.

Abdumalik Mirakhmedov, the co-founder and government chairman of Genesis, defined the 30,000 mining rigs will bolster the corporate’s operations. “This most recent order of machines will support our efforts to rapidly scale our operations as we work towards our goal of increasing our capacity to 1.9 gigawatts by the end of 2023,” Mirakhmedov stated.

The possibility settlement for 180K ASIC miners is taken into account one of many “mining industry’s largest mining machine deal to date,” based on the 2 companies. “The option agreement entails three phases, with mining machines amounting to 30,000, 60,000, and 90,000 units to be purchased respectively. The acquired machines from the first phase of the contract are expected to be delivered in the first quarter of 2022,” Canaan stated.

The mining rig producer’s prime gadget is the Avalonminer 1246 that was launched final January. The Avalonminer 1246 mannequin produces round 90 terahash per second (TH/s) and pulls 3,420 watts off the wall. Canaan’s machine, at $0.12 per kilowatt-hour (kWh) and at this time’s bitcoin alternate charge, would produce roughly $15 a day in revenue, based on metrics.

The secondary sale costs for the Avalonminer 1246 are round $7,000 to $9,000 per gadget, whereas Canaan’s web site doesn’t present a price for the unit. Canaan’s shares listed on Nasdaq have been buying and selling for $5.93 on December 30, 2020, and at this time shares alternate fingers for $5.42, or 8.6% decrease. On March 11, 2021, the agency’s inventory tapped a excessive of $36.40, and at $5.42 shares are 85.10% decrease than the 2021 price excessive.

Tags on this story
ASIC, ASIC miners, ASICs, Avalonminer 1246, Bitcoin Miners, Bitcoin Mining Rigs, BTC miners, Canaan, Canaan Avalonminer, Canaan Shares, Follow-on Contract, genesis, Genesis Digital Assets, mining rig producer, order, SHA256 miners

What do you consider Genesis ordering 30,000 Canaan miners and the choice to buy extra? Let us know what you consider this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the News Lead at News and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 4,900 articles for News concerning the disruptive protocols rising at this time.

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