Canaan Inc. Partners with HIVE for Avalon A1566 Miner Distribution

Canaan Inc. (NASDAQ: CAN), a leader in high-performance computing solutions, has announced a strategic partnership with HIVE Digital Technologies Ltd. This agreement will see Canaan supply HIVE with 6,500 Avalon A1566 miners, further solidifying its presence in the North American market, as reported by PRNewswire.

Expansion of Mining Operations

According to the purchase agreement, Canaan Creative Global Pte. Ltd., a wholly-owned subsidiary of Canaan Inc., will provide HIVE with 6,500 Avalon A1566 miners. These units boast an average computing power of 185 Terahash per second (TH/s). An initial batch of 500 miners has already been delivered and is set for installation, with the remaining 6,000 scheduled for delivery in monthly shipments from December 2024 to March 2025.

Strategic Alliance with HIVE

Nangeng Zhang, Chairman and CEO of Canaan, expressed gratitude for the continued partnership with HIVE, a pioneer in Bitcoin mining. Zhang highlighted HIVE's efficient operations and commitment to transparency and ESG principles, which align with Canaan's values. This collaboration is expected to enhance HIVE's mining capacities significantly.

Technological Advancements

The Avalon Miner A1566 represents Canaan's second generation of the 1xJ/T series, designed to offer enhanced power efficiency and reliability. This development is a testament to Canaan's ongoing market research and investment in product innovation, setting new standards in the mining industry.

About Canaan Inc.

Founded in 2013, Canaan Inc. specializes in ASIC high-performance computing chip design and production. The company is recognized for delivering the 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, marking a significant milestone in its growth trajectory.

Looking Ahead

This agreement with HIVE underscores Canaan's commitment to expanding its footprint in the cryptocurrency mining sector. As the demand for efficient mining solutions grows, Canaan is poised to continue its leadership in the industry, driven by technological advancements and strategic partnerships.