Canaan Inc. Secures Major Order for Avalon Miner A1566 from Cipher Mining

Canaan Inc. (NASDAQ: CAN), a prominent provider of high-performance computing solutions, has announced a substantial purchase agreement with Cipher Mining Technologies Inc. (NASDAQ: CIFR), as reported by PRNewswire. The agreement involves the acquisition of 6,600 units of Canaan's latest product, the Avalon Miner A1566, by Cipher Mining.

Details of the Agreement

Under the terms of the purchase agreement, Cipher Mining is set to receive the initial batch of Avalon Miner A1566 units in the fourth quarter of 2024. The agreement also includes an option for Cipher Mining to purchase additional mining machines, supporting a total capacity of up to 160 megawatts. This flexibility allows Cipher Mining to scale their operations as needed.

Statements from Leadership

Nangeng Zhang, Chairman and CEO of Canaan, expressed his satisfaction with the deal, stating, "We are delighted to secure this additional order from our long-term partner, Cipher Mining. This order not only demonstrates the superior performance of our new A1566 mining machines but also reflects the deep trust built from our past collaborations."

Tyler Page, CEO of Cipher Mining, highlighted the company's reliance on Canaan's technology for their most demanding needs, particularly in challenging environments. "Between hot environments and frequent curtailment, we demand a lot from our mining equipment, and Canaan has always helped us solve our toughest challenges," said Page.

About Cipher Mining

Cipher Mining Technologies Inc. is an emerging technology company focused on the development and operation of bitcoin (BTC) mining data centers. The company is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure and aims to be a leader in bitcoin mining growth and innovation. More information about Cipher Mining can be found on their website.

About Canaan Inc.

Founded in 2013, Canaan Inc. specializes in ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has a strong track record in chip design and production within the ASIC field. The company's founding team, under the leadership of Nangeng Zhang, shipped the world's first batch of ASIC-based mining machines in bitcoin's history under the Avalon brand. Canaan went public on the Nasdaq Global Market in 2019. Additional details about Canaan Inc. are available on their website.

Forward-Looking Statements

This announcement contains forward-looking statements under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terms such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar terms. These statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required by applicable law.