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Genesis Digital Assets announced the purchase of 20,000 Canaan BTC miners, bringing them one step closer to achieving a total quantity of 1.4 gigatonnes in just two years.

In a press release, Genesis Digital Assets announced their major acquisition today, adding that the move is part of their overall capacity expansion strategy. Furthermore, they are now focusing on digital currency mining projects in both Scandinavia and North America. Of course, we’re referring to “clean” energy derived from renewable sources.

Canaan offered them up to 180,000 extra installations as part of their most recent major purchase from GDA. And the company will almost certainly take advantage of this offer. According to GDA co-founder Abdumalik Mirakhmedov, they are working hard to reach a total capacity of 1.4 gigatonnes by 2023. Because Genesis Digital Assets’ total device volume in July was 143 megawatts, with a hash rate of 2.6 EH/s (higher than 2.6 percent of the world hash rate of BTC mining devices), the plans can be described as at least optimistic.

Canaan’s CEO, Nangang Zhang, stated that the company is developing strategic cooperation with GDA and that the investment demonstrates both companies’ confidence in the prospect of digital currency mining. They previously signed a contract worth 94 million, and a few months later, Canaan received a new request for 10,000 miners from Genesis Digital Assets, having signed a corresponding agreement with the latter in July of this year.

It’s worth noting that Genesis Digital Assets’ most recent acquisition occurred shortly after completing another $125 million financial round. She intends to use these funds to build capacity for the production of digital currencies and open new data centers in the United States and Northern European countries. This, in turn, could significantly strengthen the US position against the backdrop of China’s declining volume of cryptocurrency production.

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