Genesis Digital Assets, a US bitcoin mining firm, is increasing its mining capacity with the latest purchase order for 20,000 Bitcoin mining machines from Canaan Inc, a China-based computer hardware manufacturer.

Canaan also announced that it has allowed Genesis Digital Assets to purchase up to 180,000 more mining machines following the order.

According to the Co-Founder and Executive Chairman of Genesis Digital Assets, Abdumalik Mirakhmedov, this latest purchase of mining machines aims to increase their Bitcoin mining operations in North America and the Nordics.

He added that Genesis is expanding its capacity in these locations because of its focus on energy from renewable sources and to reach its 2023 goal to increase its mining capacity to 1.4 gigawatts.

In the last 24 hours, bitcoin is down by 1.52%, with a current price of $47,391.30 as at the time of writing this. Within 24 hours, bitcoin dropped to $46,715.60 low and $48,715.08 high. The trading volume of bitcoin in the last 24 hours is $1.26B. The current market capitalization of bitcoin is $891.05B. Currently, 18.80M bitcoins is in circulation.

Stats and Image from Coin Desk

Canaan’s Chairman and Chief Executive Officer, Mr. Nangeng Zhang, said that its long-term partnership with Genesis Digital Assets “reflects both parties’ confidence in the prospect of the cryptocurrency mining industry.” 

This purchase comes shortly after Genesis Digital Assets raised a $125 million round of equity funding from a UK-based private equity fund Kingsway Capital in July with the aim to purchase equipment and build new data centers in the United States and the Nordic region.