Benzinga | Apr 28, 2021 09:06AM EDT

Canaan Announces Order for Bitcoin Mining Machines of up to $93.63M via Long-term Partnership with Genesis Digital Assets

Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has entered into a long-term strategic partnership with Genesis Digital Assets Limited ("Genesis Digital Assets") and secured a purchase order (the "Order") from Genesis Digital Assets valued at up to US$93.63 million. As part of the Order, Canaan will deliver its A1246 AvalonMiner mining machines to Genesis Digital Assets throughout 2021, adding 117MW in next-generation Bitcoin computing capacity to Genesis Digital Assets' current capacity of 140MW.



Genesis Digital Assets is a leading Bitcoin mining enterprise with extensive experience in building and operating industrial-scale Bitcoin mining farms. Since 2013, Genesis Digital Assets and its legal predecessors has brought more than 250,000 miners online and mined over US$1 billion in Bitcoin. As of April 2021, Genesis Digital Assets' operations accounted for more than 1.2% of the world's total Bitcoin mining hashrate.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "As an industry leader, Genesis Digital Assets requires Bitcoin mining solutions with robust computing power and significant cost efficiencies. Our A1246 Avalon Miner has a stable hashrate of 90TH/s and power efficiency of 38J/TH, making it one of the most powerful ASIC miners on the market today."

Mr. Zhang continued, "We are seeing higher interest from institutional players and the emergence of new mining hotspots around the world in 2021. As such, to provide more value to our overseas customer base, we have established our first-ever after-sales service center outside of China. Our long-term partnership with Genesis Digital Assets is aligned with our global ambitions, and we plan to repeat this success formula with more international customers going forward."