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Canaan Cements Strategic Partnership With Genesis Digital Assets via Milestone Sales Contract With an Additional Purchase Option

  • Announces Sale of 20,000 Mining Machines With a Purchase Option of up to 180,000 Additional Mining Machines

Canaan Inc., a leading high-performance computing solutions provider, announced that it has secured a purchase order (the “Order”) from Genesis Digital Assets Limited (“Genesis Digital Assets”), a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 20,000 of its Bitcoin mining machines. In conjunction with the Order, Canaan has granted Genesis Digital Assets an option to purchase up to 180,000 additional mining machines.

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Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “Since we entered the long-term partnership with Genesis Digital Assets earlier this year, both parties have reached several great deals. This order with an option of future large purchases further solidifies our collaborations and reflects both parties’ confidence in the prospects of the cryptocurrency mining industry. All these mutually beneficial deals demonstrate the quality of our products and our endeavors to deliver for clients, despite the overall challenging supply chain conditions. We remain diligent in helping miner clients expand their computing power while generating value for our shareholders.”

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Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, said: “The Bitcoin mining machines from this latest purchase order are part of our on-going efforts to rapidly scale our bitcoin mining operations in North America and the Nordics where we are focused on energy that comes from renewable sources. These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023.”

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