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Canaan’s 10,000 BTC Mining Machines Purchased by Genesis Digital

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Jun 19, 2021

Canaan’s business is on the go as the Bitcoin mining machines manufacturers sell 10,000 more machines to one of the biggest clients, Genesis Digital Assets Limited. The sale includes top-of-the-line models such as A1166 and A1246 Pro Avalonminers. Delivery is expected at the end of June this year.

There is no doubt that in the Bitcoin mining machines manufacturing industry, Canaan is at the top amongst all manufacturers. Canaan is a Chinese manufacturer registered in Beijing and is also registered with NASDAQ by the name “CAN”.

Miners normally prefer Bitcoin mining machines produced by Canaan as they are top-notch and highly efficient when it comes to performance. There have been many upgraded models of mining machines introduced by Canaan recently such as the “Pro Avalonminers” series. Within this series, the top-of-the-line models are A1166 and A1246.

In the past year, Canaan has undoubtedly been taking such initiatives which are guaranteeing high sales of its products. Canaan is hopeful that prior to the 2nd quarter’s end, it will be able to collect US$ 250 Million in revenues. There are several multi-million dollar worth of orders which are pending delivery with Canaan. Each order is comprising of thousands of mining rigs that have been purchased by several of Canaan’s clients.

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Recently, on 16th June 2021, the company has announced the biggest sale of its mining rigs. Canaan told that one of its major clients namely Genesis Digital Assets Limited has purchased top-of-the-line mining rigs. It was informed that 10,000 mining rigs of Models A1166 and A1246 from the Pro Avalonminers series have been demanded by Genesis Digital. This is the biggest sale of the Canaan manufactured mining rigs in the second quarter. Canaan has also told that Genesis Digital has requested it to ensure delivery before 30th June 2021.

Genesis Digital has been amongst one of the major customers of Canaan and has been purchasing thousands of mining rigs from Canaan. The present demand of Genesis Digital has cost US$ 93 Million to the purchaser. But in return Genesis Digital has been acquiring next-generation models of Bitcoin mining rigs which are industry-leading machinery. The order was placed in April 2021 and now Canaan is ready to ship the equipment on or before the promised date.

Abdumalik Mirakhmedov, who had actually founded Genesis Digital and then became its Ex. Chairman has shared his thoughts. Mirakhmedov said that his company is in a long-term healthy relationship with Canaan and they want to continue to build their relationship. He also stated that his company’s aim is to provide further data centers in order to build the mining capacity. For this purpose, they require the best mining rigs and the Avalon series of Canaan is the kind of equipment they seek.

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