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.

Image
source:
Shutterstock

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