Contributing to CleanSpark's Immersion Mining
Operations
SINGAPORE, Nov. 1, 2024
/PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the
"Company"), a leading high-performance computing solutions
provider, today announced that Canaan U.S. Inc., a wholly owned
subsidiary of the Company, has entered into a purchase agreement
with a new customer, CleanSpark Inc., for its Avalon A1566I
miners.
According to the purchase agreement, Canaan U.S. Inc. will
provide CleanSpark with 3800 Avalon A1566I Immersion Cooling
Miners. The miners, with average compute power of 249 Terahash per
second (TH/s) without overclocking, are scheduled to be delivered
in the fourth quarter of 2024.
"We are thrilled that CleanSpark has chosen Canaan's
high-performance mining solutions to advance their state-of-the-art
immersion facilities. CleanSpark operates one of the industry's
highest-performing and most power-efficient mining fleets, led by a
skilled team committed to maximizing efficiency and pursuing
strategic site acquisitions," said Mr. Nangeng Zhang, Chairman and
CEO of Canaan. "We look forward to seeing our immersion-cooled
miners integrated into CleanSpark's impressive, vertically
integrated system."
"CleanSpark's choice of Canaan miners highlights the strength of
our products and our shared dedication to shaping the future of
Bitcoin mining," Mr. Zhang continued. "Our commitment
to supporting the North American mining community is unwavering,
and we are excited about the new opportunities this collaboration
opens as we expand our regional presence."
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology
company focusing on ASIC high-performance computing
chip design, chip research and development, computing equipment
production, and software services. Canaan has extensive experience
in chip design and streamlined production in the ASIC
field. In 2013, Canaan's founding team shipped to its customers the
world's first batch of mining machines incorporating
ASIC technology in bitcoin's history
under the brand name Avalon. In 2019, Canaan completed its initial
public offering on the Nasdaq Global Market. To learn more about
Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward−looking statements.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward−looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
Canaan Inc.'s anticipated financing plans and its intended use of
proceeds contain forward−looking statements. Canaan Inc. may also
make written or oral forward−looking statements in its periodic
reports to the U.S. Securities and Exchange Commission ("SEC") on
Forms 20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Canaan
Inc.'s beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
Company's goals and strategies; the Company's future business
development, financial condition and results of operations; the
expected growth of the bitcoin industry and the price
of bitcoin; the Company's expectations regarding
demand for and market acceptance of its products, especially its
bitcoin mining machines; the Company's expectations
regarding maintaining and strengthening its relationships with
production partners and customers; the Company's investment plans
and strategies, fluctuations in the Company's quarterly operating
results; competition in its industry in China; and relevant government policies and
regulations relating to the Company and
cryptocurrency. Further information regarding these
and other risks is included in the Company's filings with the SEC.
All information provided in this press release and in the
attachments is as of the date of this press release, and Canaan
Inc. does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
Investor Relations Contact
Canaan Inc.
Ms. Xi Zhang
Email: IR@canaan-creative.com
ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.
