Canaan Inc. Secures Major Order from CleanSpark for Bitcoin Mining Equipment

Canaan Inc. (NASDAQ: CAN), a prominent provider of high-performance computing solutions, has announced a substantial order from CleanSpark Inc., a new client, for its Avalon A1566I miners. This partnership marks a significant step for both companies in advancing their capabilities in the Bitcoin mining sector, according to PRNewswire.

Details of the Agreement

Under the purchase agreement, Canaan U.S. Inc., a wholly owned subsidiary of Canaan Inc., will deliver 3800 Avalon A1566I Immersion Cooling Miners to CleanSpark. These miners, capable of an average compute power of 249 terahash per second (TH/s) without overclocking, are set for delivery in the fourth quarter of 2024. This move is expected to enhance CleanSpark's immersion mining operations, known for their high efficiency and strategic site acquisitions.

Strategic Implications

The collaboration with CleanSpark underscores Canaan's commitment to supporting the North American mining community and expanding its regional presence. "We are thrilled that CleanSpark has chosen Canaan's high-performance mining solutions," said Mr. Nangeng Zhang, Chairman and CEO of Canaan. He emphasized the potential of Canaan's miners to integrate seamlessly into CleanSpark's vertically integrated system, showcasing the strength of Canaan's products and their shared vision for the future of Bitcoin mining.

About Canaan Inc.

Founded in 2013, Canaan Inc. is a technology company specializing in ASIC high-performance computing chip design, production of computing equipment, and software services. Known for its pioneering work in ASIC technology, Canaan has been a significant player in the Bitcoin mining industry since it shipped the first batch of ASIC-based mining machines under the Avalon brand. Canaan went public on the Nasdaq Global Market in 2019, further solidifying its stature in the tech industry.

Broader Context

This agreement comes at a time when the Bitcoin mining industry is witnessing significant advancements in technology and efficiency. The integration of immersion cooling technology is becoming increasingly popular as it offers enhanced performance and energy efficiency. As the industry evolves, partnerships like the one between Canaan and CleanSpark are crucial for driving innovation and sustaining growth.