Benzinga | Jun 16, 2021 06:02AM EDT

Canaan Announces Agreement With Genesis Digital To Sell 10,000 Bitcoin Mining Machines

Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced thatit has secured a purchase order (the "Order") from Genesis Digital Assets Limited ("Genesis Digital Assets"), a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 10,000 of its A1246 and A1166Pro Bitcoin mining machines. According to the terms of the Order, the Company will deliver the Bitcoin mining machines to Genesis Digital Assets in full by June 30, 2021.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "We are excited to announce this additional purchase order from Genesis Digital Assets. This is a concrete advancement of both parties' long-term strategic partnership, following an initial order from Genesis Digital Assets valued at up to US$93.63 million that we secured in April this year. We aim to replicate this successful partnership formula with more overseas customers to further solidify our foothold in international markets. Meanwhile, we will continue to prioritize working with long-term and large-scale customers to reduce the impact of short-term fluctuations in cryptocurrency prices on our operations."

Mr. Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, commented, "Our strategy has always been to grow faster than the rest of the market. Achieving this requires building and launching new data centers, expanding the capacities of our existing facilities, and installing first-class hardware. Our recent purchase orders for Canaan's Avalon Miners will help us to increase our hash rate by a minimum of twofold over the upcoming months. We are excited to continue our strategic partnership with Canaan to support these plans."