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.

Image
source:
Shutterstock