BEIJING, June 16, 2021 /PRNewswire/ -- Canaan Inc.
(NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced
that it has secured a purchase order (the "Order") from
Genesis Digital Assets Limited ("Genesis Digital Assets"), a
leading Bitcoin mining firm with extensive experience in building
and operating industrial-scale Bitcoin mining data centers, for
10,000 of its A1246 and A1166Pro Bitcoin mining machines. According
to the terms of the Order, the Company will deliver the Bitcoin
mining machines to Genesis Digital Assets in full by June 30, 2021.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "We are excited to announce this additional
purchase order from Genesis Digital Assets. This is a concrete
advancement of both parties' long-term strategic partnership,
following an initial order from Genesis Digital Assets valued at up
to US$93.63 million that we secured
in April this year. We aim to replicate this successful partnership
formula with more overseas customers to further solidify our
foothold in international markets. Meanwhile, we will continue to
prioritize working with long-term and large-scale customers to
reduce the impact of short-term fluctuations in cryptocurrency
prices on our operations."
Mr. Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of
Genesis Digital Assets, commented, "Our strategy has always been to
grow faster than the rest of the market. Achieving this requires
building and launching new data centers, expanding the capacities
of our existing facilities, and installing first-class hardware.
Our recent purchase orders for Canaan's Avalon Miners will help us to increase our hash
rate by a minimum of twofold over the upcoming months. We are
excited to continue our strategic partnership with Canaan to
support these plans."
About Genesis Digital Assets Limited
Genesis 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 have built over 20
industrial-scale Bitcoin mining farms, brought over 250,000 miners
online, and mined over US$1 billion
in Bitcoin. As of June 2021, Genesis
Digital Assets' data center capacity was more than 140MW,
translating into a total hashrate in excess of 2.1 EH/s, which is
more than 1.4% of the total Bitcoin network hashrate.
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology company
focusing on ASIC high-performance computing chip design, chip
research and development, computing equipment production and
software services. The company's vision is "super computing is what
we do, social enrichment is why we do". Canaan has a rich
experience in chip design and streamlined production in the ASIC
field. In 2013, it released and mass produced its first ASIC
Bitcoin mining machine. In 2018, Canaan released the world's first
7nm ASIC chip, providing energy efficient computing equipment to
the cryptocurrency mining industry. In the same year, Canaan
released the world's first RISC-V architecture commercial edge AI
chip, further harnessing the potential of AISC technology in the
field of high-performance computing and artificial
intelligence.
Safe Harbor Statement
This 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 Contact
Canaan Inc.
Mr. Shaoke Li
Email: IR@canaan-creative.com
ICR Inc.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.