Canaan to Deliver 10 ASIC Devices to Genesis Digital Assets

Canaan to Deliver 10 ASIC Devices to Genesis Digital Assets

Chinese ASIC maker Canaan Creative has announced an expansion of its strategic partnership with Genesis Digital Assets to supply the mining company with 10 Bitcoin mining devices.

The parties have been cooperating since April 2021. Genesis Digital Assets has acquired AvalonMiner A1246 ASIC miners from the Chinese giant for $ 93,63 million. The order is due to be fulfilled during 2021.

The new agreement involves the supply of the AvalonMiner A1246 and A1166Pro miners. The first device is the flagship of Canaan - with an average price of about $ 5000, its maximum hash rate is 90 TH / s.

AvalonMiner A1166Pro is an older model. The maximum hash rate of the device is 81 TH / s, and the average price is about $ 1300.

The cost of the new Genesis Digital Assets order has not been disclosed. The full shipment of the equipment is expected to take place by June 30, 2021.

"In the coming months, recent orders for the Avalon miners from Canaan will help us increase the hash rate at least twice," said the CEO of the mining company Abdumalik Mirakhmedov.

According to Genesis Digital Assets' own data, the aggregate hashrate of its equipment in operation is 2,1 EH / s - more than 1,4% of the total bitcoin network indicator. 

Recall that in the first quarter of 2021, overseas customers provided 78% of Canaan's revenue.