Canaan Technology signs an order for 200,000 Avalon mining machines with Bitcoin mining company Genesis Digital Assets

Recently, Canaan Technology signed an order for 200,000 Avalon mining machines with Genesis Digital Assets, a giant North American Bitcoin mining company, which includes 20,000 mining machines and an option to purchase up to an additional 180,000 mining machines.

Genesis Digital Assets signed a $93.63 million order for Avalon A1246 mining machines with Canaan Technology at the end of April this year, and in June it again purchased 10,000 Avalon A1246 or A1166Pro mining machines from Canaan Technology.

“The latest order of Bitcoin mining machines is part of our rapidly expanding Bitcoin mining operations in North America and Northern Europe,” said Abdumalik Mirakhmedov, co-founder and executive chairman of Genesis. “These new machines will significantly increase our production capacity, which we aim to reach 1.4 gigawatts by the end of 2023.”

Genesis is one of the largest and most experienced Bitcoin mining companies in the world. As of August 2021, the Genesis Digital Asset Data Center has a capacity of over 170 megawatts, which translates to a total hash rate of over 3.1 Exahashes (EH/s), accounting for over 2.4% of the total global Bitcoin mining hash rate.