The United States-based Bitcoin (BTC) mining visitor Genesis Digital Assets continues to grow its cryptocurrency mining ability with a fresh bargain with Chinese crypto mining giant Canaan.

Genesis appear on Tuesday that it has secured a buy order for 20,000 Bitcoin miners from Canaan.

In conjunction with the new purchase, Canaan has likewise granted Genesis an opportunity to purchase up to 180,000 boosted BTC mining machines.

Genesis co-founder and executive chairman Abdumalik Mirakhmedov noted that the new batch of Bitcoin miners will assistance the firm to further aggrandize its mining operations in North America and the Nordics. He added that Genesis is focused on scaling up in these regions, as the visitor is focused on energy from renewable sources.

"These new machines will dramatically increase our chapters as we piece of work towards our goal to increase our capacity to one.4 gigawatts past the end of 2023," Mirakhmedov said. According to the company'south website, Genesis' information center had a capacity of over 143 megawatts equally of July 2022, or a total hash rate of 2.half dozen exahashes (EH/s), which is more than two.half-dozen% of the global Bitcoin mining hash rate.

Canaan CEO Nangeng Zhang pointed out that the company has secured several deals with Genesis after entering a long-term partnership in Q1 2022, starting with a $93 1000000 Avalon miner deal. Since then, Genesis and Canaan accept continued advancing their strategic partnership, signing a ten,000 Bitcoin miner sale in July.

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"This order with an option of future large purchases further solidifies our collaborations and reflects both parties' confidence in the prospect of the cryptocurrency mining industry," Zhang added.

The latest Bitcoin miner buy comes presently after Genesis closed a $125 million equity funding round in belatedly July. Led by United Kingdom-based Kingsway Capital, the round aimed at generating funds for purchasing more mining hardware and launching new data centers in the Us and the Nordic region.