The release did not say how much Genesis will pay for rigs or the exact rise in the hash rate Genesis expects from this acquisition. But in the announcement, a Genesis representative noted that the new machines could help double the overall hash rate.
“We are excited to announce this additional purchase order from Genesis Digital Assets,” Nangeng Zhang, Chairman and CEO of Canaan Corporation, commented in the statement. “This is a tangible progression of the long-term strategic partnership of both parties, following an initial order from Genesis Digital Assets of up to $93.63 million that we received in April of this year.”
Zhang also added that his company seeks to replicate the formula used in this partnership with more overseas customers. The goal, he said, is for China-based Canaan to consolidate its “foothold in international markets.”
Abdulmalik Mirakhmedov, co-founder and CEO of Genesis Digital Assets, also commented on the new acquisition of the partnership, which he claims illustrates the mining company’s strategy to grow and expand its operations.
“Our recent orders from Avalon Miners in Canaan will help us increase our hash rate by at least two times over the coming months,” Miragedov said, according to the statement. “We are excited to continue our strategic partnership with Canaan to support these plans.”
According to the release, Genesis Digital Assets has been a bitcoin mining company since 2013, building more than 20 industrial scale bitcoin mining farms and mining more than $1 billion in bitcoin. Meanwhile, Canaan, which has also been in operation since 2013, is a technology company focused on producing ASIC chips for bitcoin mining. It is, in fact, the world’s first producer of an ASIC-powered bitcoin miner.