This new order comes on the heels of a recently announced strategic partnership between Canaan and Genesis Digital Assets in Q1 2021 where Genesis Digital Assets had purchased Canaan’s next-generation A1246 Avalon Miner mining machines valued up to US$93.63 million.

The A1246, Canaan’s latest Avalon Miner model, is an SHA-256 algorithm with a maximum hashrate of 90Th/s for a Power Efficiency of 38J/TH.

Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, said: "Our strategy has always been to grow faster than the rest of the market. Achieving this requires building and launching new data centers, growing capacity of the existing facilities, and installing first-class hardware. Our recent purchase orders of Canaan’s Avalon Miners will help us to grow our hash rate by at least two times over the upcoming months. We are excited to continue our strategic partnership with Canaan to support these plans”.

The team behind Genesis Digital Assets has been Bitcoin mining at an industrial-scale since 2013. Today their operations represent 1.4 percent of Bitcoin’s global mining hashrate.

Nangeng Zhang, CEO and Chairman of Canaan, said: “In order to reduce the impact of short-term price fluctuations, we have reprioritized our sales focus to our long-term and large-scale customers. We believe that the partnership with Genesis Digital Assets will continue to strengthen and enable both our companies to retain their leading positions with technological innovations and efficiency of mining operations”.

Canaan recently announced their strong Q1 results, and key strategies to ensure continued growth and product yield improvements such as close collaboration with their foundry partners to enhance chip manufacturing process, as well as the sales focus on strategic partnerships with larger international customers, which now represent over 70% of their revenues.