Bitcoin mining firm Genesis orders 10,000 more machines from Canaan

Bitcoin mining firm Genesis Digital Assets has ordered 10,000 more machines from Canaan, the China-based mining hardware maker.

The new order comes less than two months after Genesis placed nearly $94 million worth of order in late April. The value of the new order wasn't disclosed and Canaan declined to comment when reached.

Nonetheless, the new order is for Canaan's A1246 and A1166Pro AvalonMiners, which are expected to be shipped by the end of this month. The A1246 model is Canaan's latest machine, with a maximum hashrate of 90 tera hashes per second (TH/s). Its average price is around $5,000.


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The A1166Pro AvalonMiner, on the other hand, is an older model with a hashrate of 81TH/s and an average price of around $1,300. Genesis's previous order only included A1246 machines.

"Our recent purchase orders of Canaan's Avalon Miners will help us to grow our hash rate by at least two times over the upcoming months," said Abdumalik Mirakhmedov, co-founder and executive chairman of Genesis. The firm currently claims to have a total hashrate of over 2.1 exahash per second (EH/s), which is more than 1.4% of the total Bitcoin network hashrate.

Founded in 2013, Genesis Digital Assets is part of Genesis Mining that was spun off into a separate entity in April. As for Canaan, the Nasdaq-listed company is expanding its global footprint. Earlier this month, Canaan opened its first overseas after-sales service center in Kazakhstan as its international sales are increasing.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.