Continues North American Expansion with Order
from Long-term Customer
SINGAPORE, Nov. 11,
2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN)
("Canaan" or the "Company"), a leading high-performance computing
solutions provider, today announced that Canaan Creative Global
Pte. Ltd. ("CCG"), a wholly owned Singapore subsidiary of the Company, has
entered into a purchase agreement with HIVE Digital Technologies
Ltd ("HIVE"), for its Avalon A1566 miners.
According to the purchase agreement, CCG will provide HIVE with
6,500 Avalon A1566 miners, with an average computing power of 185
Terahash per second (TH/s). Of the 6,500 A1566 miners, 500 miners
have been immediately delivered and are scheduled for
installation. The remaining 6,000
machines will be delivered in four monthly shipments of 1,500
units, from December 2024 through
March 2025.
"We would like to thank HIVE for choosing Canaan's mining
solutions for their operations. Securing a significant order is
always rewarding, but it is even more gratifying when it comes from
HIVE — a long-standing customer and a pioneer in
Bitcoin mining. With a highly skilled, global team,
HIVE has been able to maximize the utilization rate of its mining
sites, resulting in some of the highest Bitcoin
production per active hashrate in the industry," said Nangeng
Zhang, chairman and CEO of Canaan. "HIVE is an important partner,
especially given their commitment to transparency in business and
their strong focus on ESG principles. We can all learn from them as
a leading player in their field."
The Avalon Miner A1566 is the second generation of 1xJ/T series
products released by Canaan. Designed to provide a more dependable
mining experience, the A1566 sets a new benchmark in performance
with improved power efficiency and is the result of Canaan's
ongoing market research and its investment in product
development.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology
company focusing on ASIC high-performance computing
chip design, chip research and development, computing equipment
production, and software services. Canaan has extensive experience
in chip design and streamlined production in the ASIC
field. In 2013, Canaan's founding team shipped to its customers the
world's first batch of mining machines incorporating
ASIC technology in bitcoin's history
under the brand name Avalon. In 2019, Canaan completed its initial
public offering on the Nasdaq Global Market. To learn more about
Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward−looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward−looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
Canaan Inc.'s anticipated financing plans and its intended use of
proceeds contain forward−looking statements. Canaan Inc. may also
make written or oral forward−looking statements in its periodic
reports to the U.S. Securities and Exchange Commission ("SEC") on
Forms 20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Canaan
Inc.'s beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
Company's goals and strategies; the Company's future business
development, financial condition and results of operations; the
expected growth of the bitcoin industry and the price
of bitcoin; the Company's expectations regarding
demand for and market acceptance of its products, especially its
bitcoin mining machines; the Company's expectations
regarding maintaining and strengthening its relationships with
production partners and customers; the Company's investment plans
and strategies, fluctuations in the Company's quarterly operating
results; competition in its industry in China; and relevant government policies and
regulations relating to the Company and
cryptocurrency. Further information regarding these
and other risks is included in the Company's filings with the SEC.
All information provided in this press release and in the
attachments is as of the date of this press release, and Canaan
Inc. does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.