Canaan Announces Order for Bitcoin Mining Machines of up to US$93.63 Million via Long-term Partnership with Genesis Digital A...
April 28 2021 - 9:00AM
Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced that
it has entered into a long-term strategic partnership with Genesis
Digital Assets Limited (“Genesis Digital Assets”) and secured a
purchase order (the “Order”) from Genesis Digital Assets valued at
up to US$93.63 million. As part of the Order, Canaan will deliver
its A1246 AvalonMiner mining machines to Genesis Digital Assets
throughout 2021, adding 117MW in next-generation Bitcoin computing
capacity to Genesis Digital Assets’ current capacity of 140MW.
Genesis Digital Assets is a leading Bitcoin
mining enterprise with extensive experience in building and
operating industrial-scale Bitcoin mining farms. Since 2013,
Genesis Digital Assets and its legal predecessors has brought more
than 250,000 miners online and mined over US$1 billion in Bitcoin.
As of April 2021, Genesis Digital Assets’ operations accounted for
more than 1.2% of the world’s total Bitcoin mining hashrate.
Mr. Nangeng Zhang, Chairman and Chief Executive
Officer of Canaan, commented, “As an industry leader, Genesis
Digital Assets requires Bitcoin mining solutions with robust
computing power and significant cost efficiencies. Our A1246 Avalon
Miner has a stable hashrate of 90TH/s and power efficiency of
38J/TH, making it one of the most powerful ASIC miners on the
market today.”
Mr. Zhang continued, “We are seeing higher
interest from institutional players and the emergence of new mining
hotspots around the world in 2021. As such, to provide more value
to our overseas customer base, we have established our first-ever
after-sales service center outside of China. Our long-term
partnership with Genesis Digital Assets is aligned with our global
ambitions, and we plan to repeat this success formula with more
international customers going forward.”
About Genesis Digital Assets
LimitedGenesis Digital Assets Limited is one of the
world’s largest and most experienced Bitcoin mining companies.
Since 2013, Genesis Digital Assets and its legal predecessors has
built over 20 industrial-scale Bitcoin mining farms, brought over
250,000 miners online, and mined over US$1 billion in Bitcoin. As
of April 2021, Genesis Digital Assets’ data center capacity was
more than 140MW, translating into a total hashrate in excess of 2.0
EH/s, which is more than 1.2% of the total Bitcoin mining hashrate
in the world. Genesis Digital Assets’ mission is to build the
world’s largest and most profitable Bitcoin mining operation by
2025.
About Canaan Inc.Established in
2013, Canaan Inc. provides high-performance computing solutions to
efficiently solve complex problems. In 2016, Canaan successfully
initiated the production of its first 16nm chip and passed the test
to receive China's national high-tech enterprise certification. In
2018, Canaan achieved major technological breakthroughs to launch
the K210, the world's first-ever RISC-V-based edge artificial
intelligence (AI) chip, which is now widely used for access control
in situations such as smart door locks and more. Canaan Inc. is
currently focused on the research and development of advanced
technology, including such areas as AI chips, AI algorithms, AI
architectures, system on a chip (SoC) integration and chip
integration. Using the AI chip as its base, Canaan Inc. has
established an intellectual value chain. Canaan Inc. also provides
a suite of AI service solutions and is able to tailor these
solutions to the needs of its partners. For more information,
please visit: investor.canaan-creative.com.
Safe Harbor StatementThis
announcement 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, the
business outlook and quotations from management in this
announcement, as well as Canaan Inc.’s strategic and operational
plans, 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
equipment; 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, including its
registration statement on Form F−1, as amended, and its annual
reports on Form 20−F. 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
ContactCanaan Inc.Mr. Shaoke LiEmail:
IR@canaan-creative.com
ICR Inc.Jack WangTel: +1 (347) 396-3281Email:
canaan.ir@icrinc.com
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