Canaan Technology signs $93.63 million mining machine order with global mining giant Genesis

Recently, Canaan Technology reached a long-term strategic cooperation with Genesis Digital Assets (hereinafter referred to as Genesis), a top global mining giant, and has signed a purchase order for Avalon A1246 mining machines worth US$93.63 million.

Public data shows that Genesis is one of the most experienced Bitcoin mining companies in the world. Since 2013, the company has established more than 20 industrial-scale mining farms. During this period, Genesis and its predecessor companies have purchased more than 250,000 mining machines and mined more than $1 billion worth of Bitcoin. To date, Genesis' mining operations account for 1.2% of the global Bitcoin mining hash rate.

The official website shows that Genesis plans to develop its mining business into the world's largest and most profitable mining business by 2025.

The mining machine model for this cooperation is Canaan Technology's latest Avalon A1246. The rated computing power of this model is 90TH/s and the energy efficiency ratio is 38J/T. According to F2 Pool data, at a Bitcoin price of $55,000, the daily output value of A1246 is $30.78, the daily electricity fee is $4.1, and the daily net income is $26.67.

Abdumalik Mirakhmedov, founder of Genesis, said: “This is a very exciting year for mining companies as we see continued interest in crypto assets. With its combination of power and cost-effectiveness, Canaan’s A1246 miner will give us a strategic advantage in meeting current demand. This partnership will strengthen our position as a leading player in the global Bitcoin mining ecosystem.”

As of the end of the first quarter of this year, Canaan Technology has pre-sold more than 156,000 mining machines. Public information shows that earlier in April, Canaan Technology also signed a purchase contract for 11,760 mining machines with digital infrastructure provider Mawson Infrastructure Group Inc.