Genesis Digital Assets purchases 20,000 Bitcoin mining machines

United States Bitcoin (BTC) mining firm Genesis Digital Assets has agreed to purchase 20,000 new BTC mining systems from blockchain hardware giant Canaan, with Canaan also granting Genesis an option to purchase up to 180,000 machines in the future, according to a press release published today.
Abdumalik Mirakhmedov explained: “The Bitcoin mining machines in this latest purchase order are part of our ongoing efforts to rapidly expand our Bitcoin mining operations in North America and Northern Europe, where we focus on energy from renewable sources.”
As of July 2021, Genesis accounts for 2.6% of the Bitcoin network’s total computing power, according to the company’s website.
Bitcoin’s hash rate is still recovering somewhat after China began a massive crackdown on mining in May, when the cryptocurrency’s hash rate and its price plummeted as miners began moving operations out of China.
Just a year ago, China controlled nearly 80% of Bitcoin’s hash rate, leading to a cold war for blockchain supremacy with the U.S. After the crackdown in May, some experts believe the U.S. will eventually gain the upper hand in Bitcoin mining power.
According to the Cambridge Bitcoin Electricity Consumption Index, China’s share of the global Bitcoin hash rate has fallen to just over 46% over the past few months; in turn, the United States now houses 16.1% of Bitcoin’s total computing power.