Bitcoin mining is often viewed as a way to get rich, but it’s just one of many applications for the innovative blockchain technology behind it. New York-based Genesis Digital Assets is hoping to take advantage of this fact with its new line of miners, although it is also adding some features that are meant to make mining more accessible for the average user. Genesis’ new miners will support any cryptocurrency mined with SHA-256, which includes bitcoin. The company says that the new AntMiner T18 can be configured to mine bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), monero (XMR), and zencash (ZEN
Canaan Creative is joining the ranks of the growing list of companies planning to sell next-generation bitcoin miners to Genesis Digital Assets. Genesis Digital Assets, a subsidiary of the Digital Currency Group, is planning to acquire $93 million worth of new mining hardware. The deal will give Genesis Digital Assets access to 1,200 Avalon 721’s.
Canaan, a bitcoin ASIC mining platform and chipmaker, has announced that it has signed a $93.63 million contract with mining company Genesis Digital Assets. Genesis will purchase Canaan’s A1246 Avalonminer assets, which produce 90 terahash per second (TH/s), with deliveries beginning in the second half of 2021.
Canaan and Genesis Digital Assets announce strategic partnership
According to a statement from Beijing, China-based Canaan (Nasdaq: CAN), a new strategic partnership has been announced between the company and Genesis Digital Assets. The two companies signed a $93.63 million purchase agreement. Canaan plans to supply Genesis with the next generation of Avalonminer devices. The cars will be delivered to Genesis in the second half of 2021, the company said in a statement.
Canaan’s A1246 Avalonminer application integrated circuit (ASIC) is a device that processes the SHA256 consensus algorithm. This means that the machines are capable of mining most SHA256 mineable tokens, such as Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoinsv (BSV). The Avalonminer A1246 series has a shredding rate of approximately 90TH/s and an efficiency of approximately 38 joules per terahash (J/TH).
The partnership announcement states that Genesis will add 117 megawatts (MW) of Bitcoin computing capacity to complement the company’s existing 140 MW.
This has been a very interesting year for mining as we see continued interest in crypto assets, Abdumalik Mirakhmedov, founder of Genesis Digital Assets, said at the announcement. Combining performance and cost effectiveness, the use of A1246 miners in Canaan gives us a strategic advantage to meet current demand. By working together, we hope to strengthen our position as a key player in the global bitcoin mining ecosystem, the Genesis executive added.
CAN shares fall 8% after latest deal Canaan with Mawson Infrastructure Group
Canaan’s agreement with Genesis follows the recent sale of 11,760 Avalon miners to US-based Mawson Infrastructure Group (WIZP:OTCQB). Canaan shares made a jump after Mawson’s announcement, but have since fallen 8.56% from $13.77 per share to $12.59 per share today.
Nangeng Zhang, CEO and president of Canaan, said the company was pleased with the collaboration with Genesis and that the agreement benefited Canaan’s presence in the global market.
The year 2021 has been exceptionally successful for the bitcoin mining industry, given the growing interest from institutional players and the emergence of new geographical locations for mining, Zhang said Wednesday.
What do you think of Canaan’s $93.63 million strategic agreement with Genesis Digital Assets? Let us know what you think in the comments below.
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Abdumalik Mirakhmedov, ASIC miners, ASIC mining rigs, Avalonminers, bitcoin, bitcoin (BTC), bitcoin cash BCH, bitcoin mining, Bitcoinsv (BSV), share, CANaan, genesis, Genesis Digital Assets, Mawson Infrastructure Group, mining rigs, Nangeng Zhang, SHA256
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