Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher”), a leading developer
and operator of bitcoin mining data centers, and Canaan Inc.
(NASDAQ: CAN) (“Canaan”), a leading high-performance computing
solutions provider, today jointly announced an agreement whereby
Cipher has purchased from Canaan 11,000 new A1346 model mining
machines to be delivered in the third quarter of 2023 for use at
Cipher’s Odessa, Texas facility. Following the delivery, Cipher
will have a deployed fleet of more than 70,000 mining machines and
7.2 EH/s of self-mining capacity across its portfolio.
Tyler Page, CEO of Cipher, commented, “We are
excited to formally begin our collaboration with Canaan, a pioneer
in the ASIC high-performance computing chip industry. Over the past
several months, our technology and operations teams have been
working with Canaan to test its new generation mining machines
onsite at Odessa. We are confident that Canaan’s mining machines
will be an excellent addition to our fleet, and we expect these
mining machines to perform extremely well during the hot summer
months in Texas.”
“This purchase once again
demonstrates Cipher’s ability to manage the cyclicality of prices
in the bitcoin mining space to drive higher returns on investment.
Whether purchasing rigs when market prices are low, negotiating
long-term fixed price power contracts or reinvesting our profits in
the expansion of our facilities, Cipher’s philosophy of prudent
growth through the cycle has helped drive a best-in-class business
that is well-positioned for leadership in the industry over the
coming years,” said Mr. Page.
Nangeng Zhang, Chairman and Chief Executive
Officer of Canaan, stated, “We are thrilled and honored to support
Cipher in advancing their world-class mining operations. We firmly
believe that the exceptional performance of our cutting-edge mining
machines will propel industry growth while delivering significant
commercial value to our customers. We don't just use cutting-edge
technology to support our North American customers, we carefully
upgrade our hardware and software to ensure peak efficiency under
any operating conditions, so our customers can rely on us to
provide exceptional service.”
“Today's agreement with Cipher stands as a
testament to our expanding presence in the U.S. market,” Zhang
added. “By offering top-tier products and unparalleled services, we
eagerly anticipate making a meaningful contribution to Cipher's
continuous growth. Our dedicated team is driven to serve as a
catalyst for innovation within the Bitcoin mining community, and we
are determined to go above and beyond to empower this increasingly
decentralized industry.”
About CipherCipher is an
emerging technology company focused on the development and
operation of bitcoin mining data centers. Cipher is dedicated to
expanding and strengthening the Bitcoin network's critical
infrastructure. Together with its diversely talented team and
strategic partnerships, Cipher aims to be a market leader in
bitcoin mining growth and innovation. To learn more about Cipher,
please visit https://www.ciphermining.com/.
About CanaanEstablished 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’s vision is “super computing is what we do, social
enrichment is why we do it.” Canaan has extensive experience in
chip design and streamlined production in the ASIC field. In 2013,
under the leadership of Mr. Nangeng Zhang, founder and CEO,
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 2018, Canaan released the
world's first RISC-V architecture commercial edge AI chip. In 2019,
Canaan completed its initial public offering (the “IPO”) on the
Nasdaq Global Market. To learn more about Canaan, please visit
https://www.canaan.io/
Forward Looking Statements of CipherThis press
release contains certain forward-looking statements within the
meaning of the federal securities laws of the United States. The
Company intends such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995 and
includes this statement for purposes of complying with these safe
harbor provisions. Any statements made in this press release that
are not statements of historical fact, including statements about
our beliefs and expectations regarding our future results of
operations and financial position, business strategy, timing and
likelihood of success, potential expansion of bitcoin mining data
centers, and management plans and objectives, are forward-looking
statements and should be evaluated as such. Forward-looking
statements include information concerning possible or assumed
future results of operations, including descriptions of our
business plan and strategies. These forward-looking statements
generally are identified by the words “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“strategy,” “future,” “forecasts,” “opportunity,” “predicts,”
“potential,” “would,” “will likely result,” “continue,” and similar
expressions (including the negative versions of such words or
expressions).
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Cipher and our
management, are inherently uncertain. Such forward-looking
statements are subject to risks, uncertainties, and other factors
that could cause actual results to differ materially from those
expressed or implied by such forward looking statements. New risks
and uncertainties may emerge from time to time, and it is not
possible to predict all risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: volatility in the price of Cipher’s securities due to a
variety of factors, including changes in the competitive and
regulated industry in which Cipher operates, variations in
performance across competitors, changes in laws and regulations
affecting Cipher’s business, and the ability to implement business
plans, forecasts, and other expectations and to identify and
realize additional opportunities. The foregoing list of factors is
not exhaustive. You should carefully consider the foregoing factors
and the other risks and uncertainties described in the “Risk
Factors” section of our Annual Report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”) on March 14, 2023, and
in Cipher’s subsequent filings with the SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Cipher assumes no obligation and, except as required by law,
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Safe Harbor Statement of CanaanThis
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 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,
including its registration statement on Form F−1, as amended, and
its annual reports on Form 20−F, as amended. 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.
Contacts:
Cipher Mining Inc.Cipher Investor
Contact:Josh KaneHead of Investor Relations at Cipher
Miningjosh.kane@ciphermining.com
Cipher Media Contact:Ryan Dicovitsky / Kendal
TillDukas Linden Public RelationsCipherMining@DLPR.com
Canaan Inc.Canaan Investor
Contact:Ms. Xi ZhangIR@canaan-creative.com
Canaan Media Contact:ICR, LLC.Robin
Yangcanaan.ir@icrinc.com
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