Genesis Digital Assets and Canaan Technology Renew Order for 10,000 Mining Machines

On June 16, 2021, Canaan Technology renewed its order for 10,000 mining machines (including A1246 and A1166Pro models) with Genesis Digital Assets, a leading Bitcoin mining company in North America. These products will be shipped at the end of June 2021. The two parties had previously signed a product purchase agreement worth approximately US$93.63 million and reached a strategic partnership in the first quarter.

Abdumalik Mirakhmedov, co-founder and CEO of Genesis Digital Assets, said, "In order to achieve the company's rapid growth, we need to build and launch new data centers, increase the capacity of existing facilities, and deploy first-class mining equipment. The Avalon model purchased this time will help the company achieve at least two times the computing power growth in the coming months. We are very happy to continue our cooperation with Canaan Technology."

Genesis Digital Assets is one of the largest and most experienced Bitcoin mining companies in the world. Since 2013, Genesis Digital Assets and its predecessors have built more than 20 industrial-scale Bitcoin mining farms, deployed more than 250,000 mining equipment, and mined more than $1 billion worth of Bitcoin. As of June 2021, Genesis Digital Assets' mining farm capacity exceeds 140MW, with a total hash rate of more than 2.1EH/s, accounting for more than 1.4% of the Bitcoin network hash rate.

Zhang Nangeng, Chairman and CEO of Canaan Technology, said: "In order to reduce the impact of short-term currency price fluctuations, we will refocus our sales on our long-term major customers. The cooperation between Canaan and Genesis Digital Assets will enable both parties to maintain their leading position in the industry through technological innovation and improved mining efficiency."

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