- Cipher's JV entities have purchased 16,700 A1466
model Avalon Miners; the 11,000
previously bought A1346 model Avalon Miners have been delivered and installed
at Cipher's Odessa Facility
- Stronghold has purchased 1,100 A1346 model
Avalon Miners; the 2,000 previously
bought A1346 model Avalon Miners
have been delivered and installed at Stronghold's Patha Creek Plant
SINGAPORE, Jan. 3, 2024
/PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan"), a leading
high-performance computing solutions provider, today announced that
it has secured follow-on purchase orders from joint venture
entities of Cipher Mining Inc. (NASDAQ: CIFR) ("Cipher") and from
Stronghold Digital Mining, Inc. (NASDAQ: SDIG) ("Stronghold"). The
orders, which combined involve the purchase of over 17,000
Bitcoin mining machines, build upon Canaan's existing
relationships with Cipher and Stronghold.
On December 29, 2023, Cipher, a
leading developer and operator of Bitcoin mining data
centers, entered into an agreement whereby two joint venture
entities in which Cipher has a 49% interest purchased from Canaan
16,700 A1466 model mining machines with an average hash rate of
150T/s. These machines are to be delivered in April and
May 2024 for use at Cipher's Bear and
Chief data centers, both located in Texas. The 11,000 A1346 model mining machines
which were purchased on May 9, 2023
have been delivered and installed at Cipher's Odessa data center.
On December 26, 2023, Stronghold,
a vertically integrated Bitcoin mining company,
entered into an agreement whereby Stronghold has purchased from
Canaan 1,100 A1346 model mining machines with an average hash rate
of 123T/s. These are to be delivered by January 2024 for use at Stronghold's Scrubgrass
Plant. Additionally, Stronghold has an option to purchase an
additional 2,500 A1466 model mining machines with an average hash
rate of 140T/s-150T/s. The 2,000 A1346 model mining machines
which were purchased on July 27, 2023
have been delivered and installed at Stronghold's Patha Creek Plant.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "These follow-on orders underscore our robust
partnerships with publicly-traded mining companies and affirm the
capabilities of our new A14 product series. As conditions improve
and we approach the next Bitcoin bull market, our
computing power sales are resurging across diverse channels,
reaching institutional customers, distributors, and online retail
stores. This persistent demand from industry players for Canaan's
machines is a testament to our sophisticated, proven technology and
the quality of our product. We are eager to support new and
existing customers worldwide as the cryptocurrency
space continues to evolve."
Tyler Page, CEO of Cipher Mining
Inc., commented, "We are excited to once again partner with Canaan
for our 60 MW expansion at our Bear and Chief facilities. The
Canaan machines we purchased last year are among the top-performing
rigs in our fleet, especially in the hot summer months in
Texas. Our relationship with
Canaan has been great, and we look forward to future dealings with
their team."
Greg Beard, Chairman and Chief
Executive Officer of Stronghold, commented, "We are thrilled to
enhance our partnership with Canaan through the acquisition of
these A1346 miners, along with an option to purchase A1466 miners,
which are on the cutting-edge of Bitcoin mining
technology. Based on our positive experience from previous miner
purchases, the A1346 is an outperformer in our air-cooled StrongBox
containers. It provides an attractive value proposition with its
remarkable hash rate, energy efficiency, and competitive pricing,
and we are eager to put these new machines to work."
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'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
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 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 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.
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:
Investor Relations Contact
Canaan Inc.
Ms. Xi Zhang
IR@canaan-creative.com
Media Contact:
ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
canaan.ir@icrinc.com
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SOURCE Canaan Inc.