AGM Receives Second Batch of Orders for ASIC Miners

AGM Group, a fintech software-service and hardware provider, said it received an order for 25,000 of its 100 terahash-per-second ASIC miners from MinerVa Semiconductor.

• The Beijing-based company will get $20 million in deposit, with the rest paid before delivery starts, according to a statement. The company didn’t disclose the total amount for the deal.

• “The purchase enables us to increase our cash flow, which gives us a sound financial footing as we begin our plans for mass production in 2022,” said recently appointed Steven Sim, the company’s chief financial officer.

• MinerVa is a high-performance ASIC design and manufacturing company that provides technology services to notable global blockchain players including Terawulf and TrueNorth Data Solutions.

• On Oct. 13, AGM Group signed a deal to supply 30,000 units of 100 TH/s ASIC crypto miners to Nowlit Solutions .

• The stock of AGM Group (AGMH) was up 3.2% on Wednesday at 10 a.m. in New York.