Genesis Purchases From Canaan a Big Chunk of Bitcoin Mining Equipment

Bitcoin Cryptocurrency News

Genesis Digital Assets is having a great time in business which is evident from the fact that it has been continuously purchasing more and more Bitcoin mining rigs from its long-standing partner from China namely Canaan. Currently, Genesis Digital Assets is in the process of acquiring from Canaan an epic quantity of Bitcoin mining rigs which are twenty-thousand in total, and also has the option of purchasing 120 k further machines anytime in the future.

Since 2020 till to date, the business of the manufacturers of mining machines is at the top. Most of the mining equipment sold within this period was relating to Bitcoin and the best seller could easily be determined as “Canaan”. One of the major purchase of these mining rigs can too be easily determined which is Genesis Digital Assets.

Genesis Digital Assets is currently the largest Bitcoin miner in the world.

There is a common belief that crypto mining though is a complicate process but does not require huge investment. This is a wrong assumption entirely as mining does require huge investment otherwise the mining process would not be profitable. Similarly, Genesis Digital Assets has invested billions of dollars in Bitcoin mining activity and continues to do so. Since its inception eight years ago, Genesis Digital Assets have till to date mined more than US$ 1 Billion worth of Bitcoins. The company is also aiming at becoming the world’s top as well as best profit making miner by the year 2025. It is very hopeful that this milestone will be achieved by the company even before the targeted date.

This is the reason why Genesis Digital Assets continuously pours funds into purchasing more and more Bitcoin mining rigs. But almost all of the purchases are done through its long-standing partner of trust namely Canaan, which is a manufacturer from China.

Canaan is an acclaimed Bitcoin mining rigs manufacturer whose latest models are high in demand in the market currently. For example, ASIC Avalonminers, which is BTC mining equipment, is number one in the world. In the month of April this year, Genesis Digital Assets had made a purchase of Canaan-produced mining machines against payment of US$ 93 Million. One month later, Genesis Digital Assets made yet another purchase and this time acquired ten-thousand machines of the same model.

Now recently, a few days ago, Genesis Digital Assets has announced that it has executed a deal of acquiring 20 thousand more Bitcoin rigs from Canaan. The company also informed that the delivery of the latest purchase is due and would reach the purchaser soon. However, there has been a future deal amongst the two partners which would spread over multiple years. It was revealed by both, i.e. Canaan and Genesis, that the purchaser has the option of demanding 180 K further machines.

This shows that a huge investment has been made by Genesis Digital Assets, particularly for achieving the milestone it has set for itself.

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