Canaan Inc. Expands Partnership with HIVE Through New Order of 5,000 Avalon Miners

Canaan Inc. (NASDAQ: CAN), a prominent figure in high-performance computing solutions, has announced a significant follow-on order from HIVE Digital Technologies Ltd., according to PR Newswire. The order comprises 5,000 Avalon A15-194T miners, adding to an earlier agreement from November involving 6,500 Avalon A1566 miners.

Strategic Expansion in Bitcoin Mining

This latest development solidifies the strategic alliance between Canaan and HIVE, a company known for its commitment to sustainable energy practices within the cryptocurrency mining sector. The Avalon A15-194T miners, boasting an average computing power of 194 Terahash per second (TH/s), are slated for delivery in the first quarter of 2025. This batch of miners is expected to enhance HIVE's capabilities in Bitcoin mining, aligning with its goals of integrating green energy solutions and advanced technological infrastructure.

Technological Advancements and Market Impact

The introduction of the Avalon A1566 miners marks a significant milestone in Canaan's product development efforts. This second-generation miner from the 1xJ/T series is designed for enhanced power efficiency and reliability, reflecting Canaan's commitment to ongoing market research and technological advancement. The company's focus on ASIC high-performance computing chip design and production positions it as a leader in the field, having pioneered the first ASIC-based Bitcoin mining machines in 2013.

About Canaan Inc.

Founded in 2013, Canaan Inc. has established itself as a key player in the technology sector, specializing in ASIC chip design and computing equipment production. The company's initial public offering on the Nasdaq Global Market in 2019 marked a significant milestone in its growth trajectory. With a strong foundation in chip design and production, Canaan continues to innovate and expand its offerings in the high-performance computing space.

Nangeng Zhang, Chairman and CEO of Canaan, expressed gratitude towards HIVE for their continued partnership, emphasizing the shared vision of advancing ESG-focused initiatives and responding to the growing demand for AI computing capacity. This collaboration is expected to set a new benchmark in the cryptocurrency mining industry, fostering a flexible energy infrastructure designed to evolve with technological advancements.