Benzinga | Dec 15, 2021 06:04AM EST

Canaan Announces Follow-On Purchase Order Of 30,000 Bitcoin Mining Machines

Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it 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 30,000 units of its Avalon Bitcoin mining machines.

In August 2021, Canaan granted Genesis Digital Assets an option to purchase up to 180,000 additional Bitcoin mining machines along with its original sales contract of 20,000 machines. The Order represents the first phase of this option exercised by Genesis Digital Assets and is expected to be delivered in the first quarter of 2022.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "This substantial order by Genesis Digital Assets reflects the continued success of our collaboration and reinforces our long-term strategic partnership. Being a trusted computing solution provider with solid delivery capabilities, we have been supporting Genesis Digital Assets as they expand their mining farms across multiple geographic regions around the world. We are also pleased to work with clients like Genesis Digital Assets to enhance renewable energy applications in mining. Together with our clients, we are committed to building the infrastructure of blockchains and share the long-term vision of the cryptocurrency industry."

Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, said, "We're pleased to see our strategic partnership with Canaan continue to advance. This most recent order of machines will support our efforts to rapidly scale our operations as we work towards our goal of increasing our capacity to 1.9 gigawatts by the end of 2023."