Bitcoin mining firm Genesis orders $94 million worth of machines from Canaan

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Bitcoin mining firm Genesis Digital Assets has ordered $93.63 million worth of new machines from Canaan.

The order is for Canaan's latest AvalonMiner A1246 model, which produces a hashrate of 90 tera hashes per second (TH/s). It is not clear when the order will be dispatched as there is already a global chip shortage. Canaan declined to comment when contacted.

When shipped and deployed, the machines will help Genesis add 117 megawatts (MW) of bitcoin computing capacity to its existing 140MW power, according to Canaan.

Founded in 2013, Genesis claims to have a 1.2% share of bitcoin's global mining hashrate. The firm says it has brought over 250,000 miners online and mined over $1 billion in bitcoin since inception. Genesis Digital Assets is part of Genesis Mining that was spun off into a separate entity earlier this week.

As for Nasdaq-listed Canaan, the order appears to be one of its largest. Its rival Bitmain, on the other hand, has seen orders worth millions of dollars in recent months.

Earlier this week, for instance, Core Scientific ordered 112,800 bitcoin mining machines from Bitmain. That order alone is reportedly estimated at worth more than $400 million.

Bitcoin mining firms continue to order and purchase new machines to expand their capacity amid the bull market. The monthly revenue of bitcoin miners also reached an all-time high in March. According to data compiled by The Block, bitcoin miners made a total of $1.75 billion in revenue in March.

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