Canaan to Sell $93 Million in Next-Generation Bitcoin Miners to Genesis Digital Assets

Canaan to Sell $93 Million in Next-Generation Bitcoin Miners to Genesis Digital Assets


The ASIC bitcoin mining rig manufacturer and chipmaker, Canaan has announced the company has signed a $93.63 million purchase order with the mining firm Genesis Digital Assets. Genesis will be acquiring Canaan’s A1246 Avalonminer rigs that produce 90 terahash per second (TH/s) and deliveries will be shipping during the second half of 2021.

Canaan and Genesis Digital Assets Announce a Strategic Partnership

According to an announcement from the Beijing, China-based company Canaan (Nasdaq: CAN) a new strategic partnership has been unveiled between the firm and Genesis Digital Assets. The two companies have signed a purchase agreement worth $93.63 million as Canaan plans to deliver the firm’s next-generation A1246 Avalonminer devices to Genesis. The machines will be shipped to Genesis during the second half of 2021 the company’s announcement details.

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Canaan’s application-specific integrated circuit (ASIC) A1246 Avalonminer is a device that processes the SHA256 consensus algorithm. This means the machines are capable of mining the most mined SHA256 tokens like

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