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Bitcoin mining rig manufacturer Canaan to supply 11,760 machines to Mawson for its U.S. and Australian mining operations

Bitcoin mining rig manufacturer Canaan to supply 11,760 machines to Mawson for its U.S. and Australian mining operations

The Bitcoin mining rigs will add a total hashrate of 1.05EH to Mawson’s global mining operations.

With the market rally pushing crypto prices higher, mining Bitcoin and other cryptos have become very lucrative. As mining firms frantically expand the capacity to maximize profits, hardware manufacturers have been making a killing as they cater to the huge demand for mining rigs.

One of these is the Nasdaq-listed Chinese Bitcoin miner manufacturer Canaan Creative. The company announced that it will be supplying 11,760 next-gen miners to Mawson Infrastructure to beef up its global mining operations, according to Coindesk.

Canaan will be shipping and installing 11,760 of its top-of-the-line A1246 ASIC AvalonMiners throughout 2021. Mawson has Bitcoin mining operations in the United States and Australia

Launched in the third quarter of 2020, the A1246 ASIC AvalonMiner produces a hashrate of around 90 terahash per second (TH/s) and has a power efficiency of around 38 joules per terahash (J/TH), according to The new hardware will add a total of 1.05EH to Mawson’s global mining operations

The Sydney-based Mawson Infrastructure Group was formerly called Wise Pharma before it was rebranded after it was acquired by Cosmos Capital Limited. The rebranding aims to “better reflect the company’s existing and future operations.”

“At this exciting and pivotal time for us, working with proven leaders in the mining hardware industry will be crucial to expanding our bitcoin mining operations in 2021 and beyond,” Mawson CEO James Manning said. “By partnering with Canaan, we leverage their long-standing manufacturing expertise and product excellence to power our rapidly growing mining infrastructure globally.”

“Though many mining businesses have struggled to accommodate the resulting demand, Canaan has been able to consistently deliver on its promise of supporting our global partners,” Canaan CEO and Chairman Nangeng Zhang said. “Backed by our robust supply chain model, we are excited to be partnering with Mawson in their next phase of growth as they ramp up their mining activities.”

Canaan (CAN) shares rose by 11 percent after the announcement. Its shares, which have been trading at just around in January, have already gained by more than 200 percent this year.

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