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

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

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

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

Canaan Secures Observe-on Contract for 30Okay Bitcoin Miners From Genesis Digital Belongings

On the finish of August, Genesis Digital Belongings bought 20,000 of Canaan’s high ASIC bitcoin mining rigs and defined that it had the choice to purchase 180Okay 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 govt chairman of Genesis, defined the 30,000 mining rigs will bolster the corporate’s operations. “This most up-to-date order of machines will help our efforts to quickly scale our operations as we work in the direction of our aim of accelerating our capability to 1.9 gigawatts by the tip of 2023,” Mirakhmedov mentioned.

The choice settlement for 180Okay ASIC miners is taken into account one of many “mining business’s largest mining machine deal up to now,” in line with the 2 companies. “The choice settlement entails three phases, with mining machines amounting to 30,000, 60,000, and 90,000 models to be bought respectively. The acquired machines from the primary section of the contract are anticipated to be delivered in the primary quarter of 2022,” Canaan mentioned.

The mining rig producer’s high system 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 right this moment’s bitcoin change fee, would produce roughly $15 a day in revenue, in line with asicminervalue.com metrics.

The secondary sale costs for the Avalonminer 1246 are round $7,000 to $9,000 per system, whereas Canaan’s web site doesn’t present a worth for the unit. Canaan’s shares listed on Nasdaq had been buying and selling for $5.93 on December 30, 2020, and right this moment shares change palms 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 worth excessive.

What do you consider Genesis ordering 30,000 Canaan miners and the choice to buy extra? Tell us what you consider this topic in the feedback part under.

Jamie Redman

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

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