Genesis Digital Assets Secures 20,000 ASIC Miners in Expansion Play

2021-9-1 22:28

North America-based Bitcoin miner Genesis Digital Assets is ramping up its mining capacity.

Earlier this week, the company announced the successful purchase of 20,000 mining rigs from Canaan Creative as it looks to continue scaling up its mining activities.

Additional 180k ASIC Miners Up For Grabs

In its official statement, Genesis explained that the purchase is just a step in its current expansion phase. Besides these rigs, Canaan has also allowed the company to purchase an additional 180,000 mining rigs.

Both parties didn’t reveal the specific make of the rigs or how much they cost in total.

Meanwhile, this recent acquisition continues a long-standing relationship between Genesis and Canaan, with both companies entering into a partnership in Q1 2021 after Genesis purchased Avalon miners for $93 million. Most recently, Genesis bought 10,000 Bitcoin miners from Canaan in June.

Genesis co-founder and executive chairman Abdumalik Mirakhmedov explained that these rigs will be deployed primarily in North America as well as its outlets in several Nordic countries.

“Genesis remains committed to its goal of hitting a power generation rate of 1.4 gigawatts at the end of 2023 The company’s current levels stand at just over 143 megawatts – or a total of 2.6 exahashes (EH/s),” he added.

The purchase is coming after Genesis closed a $125 million equity funding round, led by British investment firm Kingsway Capital. At the time, the company had said that it would direct the funds towards its expansion efforts in the Nordic region and the United States.

Competition Heats Up

Genesis is just one of the mining companies that have ramped up expansion efforts in the wake of China’s ban on all crypto mining activities. But, it is currently facing stern competition.

Last month, the top US mining operation, Riot Blockchain, published its quarterly results, showing record revenues for Q2 2021. The results showed that Riot netted an impressive $31.5 million from mining-related activities throughout the quarter – up 1,540% year-on-year (YoY).

Net incomes also hit record levels for Riot, with $19.3 million compared to the $10.6 million loss suffered in Q2 2020.

The company is expanding aggressively as well, with the purchase of 42,000 s19k Antminers from Bitmain. Riot’s chief operations officer explained that the deal, valued at $138.5 million will position Riot as the foremost mining company in the United States.

Riot also plans to get a minimum of 3,500 s19j Antminers monthly from November 2021 to October 2022, and it recently purchased Whinstone U.S. Inc, a Texas-based data facility, for a record value of $650 million.

Bitcoin BTC $ 47,512.98 +0.30% +0.11% -2.66% baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); See Details The post Genesis Digital Assets Secures 20,000 ASIC Miners in Expansion Play first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining genesis digital assets announced rigs successful

mining genesis → Результатов: 110


Хостинг из КНР обязали вернуть Genesis Mining оборудование на $200 млн

Верховный народный суд КНР предписал китайскому хостинг-провайдеру Chuangshiji Technology Limited вернуть майнинговой компании Genesis Mining 485 681 видеокарт, спор по которым ведется с 2018 года.

2021-8-27 16:53


Фото:

В Genesis Mining рассказали, когда подорожает биткоин

Операционный директор сервиса Genesis Mining Филип Солтер убежден, что углубление экономического кризиса приведет к росту популярности биткоина в качестве инструмента хеджирования рисков банковской системы и повышению стоимости криптовалюты.

2020-3-23 10:00


After Pulling Stunts on Warren Buffet and Jamie Dimon, Genesis Mining – the World’s Leading Cloud Mining Company, Does It Again!

Genesis Mining has made a name for itself in the crypto industry as one of the leading, and a reliable mining contracts provider. While the platform has got a strong following of crypto-miners, enthusiasts, and professionals, it is also known to take initiatives towards creating awareness about cryptocurrencies, their underlying blockchain technology, cryptocurrency mining and.

2018-11-20 20:09


Genesis Mining CEO Marco Streng: Trustless Crypto Cloud Mining Needs to be Standard

Genesis Mining’s Marco Streng: Cloud Mining Needs to be Trustless Crypto mining is getting more difficult by day, but those with higher efficiencies find it a great opportunity to get good returns. In an interview with Bitsonline, the founder of Genesis Mining, Marco Streng, talked about cloud mining and its challenges, saying that it needs to be ‘trustless’. …

2018-10-11 13:36


Фото:

Genesis Mining Asks Unprofitable Miners to Upgrade Contract or Face Termination

The bearish trend that has been haunting crypto investors since the beginning of 2018 is now taking a visible toll on mining firms as well. Following the footsteps of rival Hashflare, the Iceland-based cloud crypto mining platform Genesis has announced a drastic step that yet again depicts the woes of a progressively distressed global mining […] Genesis Mining Asks Unprofitable Miners to Upgrade Contract or Face Termination was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-20 16:29


Фото:

Cloud Mining Platform Genesis Wants “Unprofitable” Miners to Upgrade Their Contracts to Avoid Termination

The bearish trend that has been affecting the global crypto market for a while now seems to have finally taken its toll on Genesis Mining, one of the world’s leading cloud mining providers. The company published a blog post on Aug 16, 2018, implying that it is left with no option but to force some users to upgrade their existing.

2018-8-19 18:00


Фото:

Here’s Why Genesis Mining Might Have Just Booted You Off Their Platform

Genesis Mining is a popular cloud based Bitcoin mining platform that lets users mine for Bitcoin. Each user is placed on a contract, through which they are allocated provisions in order to be able to mine through the platform, differing platforms offer differing rewards but of course, the bigger the reward the more expensive the contract, therefore, Genesis Mining have had to make some cut backs in order to ensure that those on the big contracts still have access to the service, as a result of the collapsing value of Bitcoin.

2018-8-17 08:00


Фото:

«Казахтелеком» запускает пилотный проект по новым облачным вычислениям

Договорённость о запуске проекта достигнута между немецкой компанией Genesis Mining и казахстанской KZ Systems. Об этом пишет Tengrinews. kz. Согласно подписанному контракту, KZ Systems получает право представлять интересы коллег в Казахстане при запуске пилотного проекта на базе технических возможностей АО «Казахтелеком».

2018-6-12 16:45


В Казахстане появится дата-центр от майнингового гиганта Genesis Mining

Популярный сервис облачного майнинга Genesis Mining заключил контракт с казахстанской компанией KZ systems на строительство центров обработки данных в Павлодаре. Как сообщили стороны сделки журналу ForkLog, объем инвестиций составил около 1 млн евро.

2018-6-11 18:10