SINGAPORE, June 6, 2024
/PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the
"Company"), a leading high-performance computing solutions
provider, today announced that it has signed a large purchase
agreement (the "Agreement") with one of the Company's long-term
partners, Cipher Mining Technologies Inc. (NASDAQ: CIFR)
("Cipher").
According to the Agreement, Cipher Mining has acquired 6,600
units of Canaan's latest product, the Avalon Miner A1566, which
features advanced computing power and power efficiency. The initial
order is expected to be delivered in the fourth quarter of 2024. In
conjunction with the Agreement, Cipher also secured an option to
purchase additional mining machines, which fulfill a total capacity
of up to 160 megawatts. This option provides Cipher with the
flexibility to scale their operations as needed.
"We are delighted to secure this additional order from our
long-term partner, Cipher Mining," said Mr. Nangeng Zhang, Chairman
and Chief Executive Officer of Canaan. "This order not only
demonstrates the superior performance of our new A1566 mining
machines, which are being recognized by our valued clients, but it
also reflects the deep trust built from our past collaborations
where we have consistently delivered reliable products and
services. Going forward, we will remain focused on providing our
clients with advanced products that cater to their evolving needs,
supporting their growth and success in the post-halving era."
Tyler Page, CEO of Cipher Mining
Inc., commented, "When Cipher needed to upgrade our most valuable
data center at Odessa and plan for
our new 300 MW data center in 2025, we turned to Canaan. Between
hot environments and frequent curtailment, we demand a lot from our
mining equipment, and Canaan has always helped us solve our
toughest challenges."
About Cipher
Cipher is an emerging technology company focused on the
development and operation of bitcoin mining data
centers. Cipher is dedicated to expanding and strengthening the
Bitcoin network's critical infrastructure. Together
with its diversely talented team and strategic partnerships, Cipher
aims to be a market leader in bitcoin mining growth
and innovation. To learn more about Cipher, please visit
https://www.ciphermining.com/
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, under the leadership of Mr. Nangeng Zhang, founder
and CEO, 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 announcement 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,
the business outlook and quotations from management in this
announcement, future product deliveries, as well as Canaan Inc.'s
strategic and operational plans, 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 ability to work with its partners to deliver on its
intended timeline; 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; 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.