The application-specific integrated circuit (ASIC) bitcoin mining rig manufacturer Canaan has announced the company has secured a follow-on contract from Genesis Digital Assets for 30,000 mining machines. The sale is part of an agreement between Canaan and Genesis that gives the mining operation the option to purchase up to 180,000 ASIC bitcoin mining rigs.
Canaan Secures Follow-on Contract for 30K Bitcoin Miners From Genesis Digital Assets
At the end of August, Genesis Digital Assets purchased 20,000 of Canaan’s top ASIC bitcoin mining rigs and explained that it had the option to buy 180K more. Following the announcement, Genesis raised $431 million from strategic investors at the end of September, and the following week it revealed a new data center in Texas. Now Genesis is following up on its deal with Canaan and has inked a follow-on contract with the mining rig manufacturer for 30,000 more ASIC miners.
Abdumalik Mirakhmedov, the co-founder and executive chairman of Genesis, explained the 30,000 mining rigs will bolster the company’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 said.
The option agreement for 180K ASIC miners is considered one of the “mining industry’s largest mining machine deal to date,” according to the two firms. “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 said.