Canaan entregará 10,000 mineros ASIC a los activos digitales de Genesis

Mining equipment manufacturer Canaan has announced the delivery of 10,000 ASIC miners to Genesis Digital Assets as part of a strategic partnership. The companies began their formal partnership in April 2021, when Genesis bought nearly $94 million worth of AvalonMiner A1246 devices from Canaan.

Delivery of 10,000 devices will be completed during this year. The new agreement deals with ASIC miners A1166Pro and AvalonMiner A1246. The latter became a hit for Canaan, and the average price of a flagship miner with a hash rate of 90 TH/s today is about $5,000. As for the A1166Pro, it is older but has not lost its relevance, a model with a hash rate of 81 TH/s and an average price of $1,300.

The amount of the deal between the two companies has not yet been disclosed, and the first delivery of part of the equipment ordered by GDA should take place at the end of June. According to the co-founder of GDA, Abdumalik Mirakhmedov, the devices purchased from Canaan will help them increase the total hash rate at least twice in the coming months. At the moment, their hash rate is about 2.1 EH/s or 1.4% of the total capacity of the BTC network.

Canaan's chief executive officer, Nangang Zhang, also appeared to be pleased with the deal, saying they are looking to expand partnerships with overseas companies, strengthening their position in international markets. According to him, Canaan intends to prioritize the long-term perspective, reducing the effect of short-term price volatility in the cryptocurrency market, which also affects the company's profits.

Earlier, Canaan announced that it expects to receive between $150 million and $250 million in net revenue in the second quarter of 2021. At the same time, in the first quarter of 2021, foreign clients brought about 78% of the company's total revenue.

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