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


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.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post