Genesis Digital Assets purchases 20,000 Bitcoin miners from Canaan.

The United States-based Bitcoin (BTC) mining company Genesis Digital Assets continues growing its cryptocurrency mining power with a new deal with Chinese crypto mining giant Canaan. Genesis has secured a purchase order for purchasing 20,000 Bitcoin miners from Canaan, the mining machine manufacturer announced on Aug. 31. In conjunction with the new purchase, Canaan has also granted Genesis an opportunity to buy up to 180,000 additional BTC mining machines, Canaan said.

New batch of Bitcoin miners will help the firm further expand its mining operations in North America.

Genesis co-founder and executive chairman Abdumalik Mirakhmedov noted that the new batch of Bitcoin miners would help the firm further expand its mining operations in North America and the Nordics. He added that Genesis is focused on scaling up in these regions as the company is focused on energy coming 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 said. 

Canaan has secured several deals with Genesis after entering a long-term partnership. 

Canaan CEO Nangeng Zhang noted that the mining equipment manufacturer company had secured several deals with Genesis after entering a long-term partnership in Q1 2021, starting with a $93 million Avalon miner deal. Genesis and Canaan have since continued advancing the strategic partnership, signing a 10,000 Bitcoin miner sale in July. “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 latest Bitcoin miner purchase comes shortly after Genesis closed a $125 million equity funding round in late July.