Complementing the Earlier November Order of 6,500 Avalon
A1566 Miners
SINGAPORE, Nov. 20,
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 follow-on order purchase agreement with HIVE Digital
Technologies Ltd ("HIVE"), for its Avalon A15-194T miners.
According to the purchase agreement, CCG will provide
HIVE with 5,000 Avalon A15-194T miners, with
an average computing power of 194 Terahash per second
(TH/s), expected to be delivered in the first quarter of
2025.
"We sincerely thank HIVE for placing another order of our
recently upgraded A15 series in such a short span, highlighting
their strong commitment to strategically expanding their
Bitcoin mining operations," said Nangeng Zhang,
Chairman and CEO of Canaan. "HIVE's exceptional team, operating
across nine time zones and five languages, exemplifies their
dedication to advancing ESG-focused initiatives, including green
energy integration, grid balancing, and heat recovery. By adopting
a power-first approach and addressing the surging demand for AI
computing capacity, HIVE is laying the foundation for a flexible
energy infrastructure platform designed to evolve alongside
breakthrough technologies for decades to come."
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; 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
View original
content:https://www.prnewswire.com/news-releases/canaan-inc-secures-follow-on-order-from-hive-for-5-000-avalon-a15-194t-miners-302311212.html
SOURCE Canaan Inc.