HomeCryptoGenesis Digital Assets buys 20K Bitcoin miners after $125M raise

Genesis Digital Assets buys 20K Bitcoin miners after $125M raise

The United States-based Bitcoin (BTC) mining firm Genesis Digital Assets continues to develop its cryptocurrency mining energy with a recent cope with Chinese crypto mining big Canaan.

Genesis introduced on Tuesday that it has secured a purchase order order for 20,000 Bitcoin miners from Canaan.

In conjunction with the brand new buy, Canaan has additionally granted Genesis a chance to purchase as much as 180,000 further BTC mining machines.

Genesis co-founder and govt chairman Abdumalik Mirakhmedov famous that the brand new batch of Bitcoin miners will assist the agency to additional increase its mining operations in North America and the Nordics. He added that Genesis is targeted on scaling up in these areas, as the corporate is targeted on power from renewable sources.

“These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023,” Mirakhmedov stated. According to the corporate’s web site, Genesis’ information middle had a capability of over 143 megawatts as of July 2021, or a complete hash price of two.6 exahashes (EH/s), which is greater than 2.6% of the worldwide Bitcoin mining hash price.

Canaan CEO Nangeng Zhang identified that the corporate has secured a number of offers with Genesis after getting into a long-term partnership in Q1 2021, beginning with a $93 million Avalon miner deal. Since then, Genesis and Canaan have continued advancing their strategic partnership, signing a ten,000 Bitcoin miner sale in July.

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“This order with an option of future large purchases further solidifies our collaborations and reflects both parties’ confidence in the prospect of the cryptocurrency mining industry,” Zhang added.

The newest Bitcoin miner buy comes shortly after Genesis closed a $125 million fairness funding spherical in late July. Led by United Kingdom-based Kingsway Capital, the spherical geared toward producing funds for buying extra mining {hardware} and launching new information facilities within the United States and the Nordic area.