Canaan Inc. (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that it has secured a follow-on contract (the “Order”) from Genesis Digital Assets Limited (“Genesis Digital Assets”), a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 30,000 of its Bitcoin mining machines.
This Order follows an option agreement signed previously between the two parties, granting Genesis Digital Assets an option to purchase up to 180,000 additional mining machines. Representing the Bitcoin mining industry’s largest mining machine deal to date, the option agreement entails three phases, with mining machines amounting to 30,000, 60,000 and 90,000 units to be purchased respectively. The acquired machines from the first phase of the contract are expected to be delivered in the first quarter of 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “We are excited to announce this additional purchase order from Genesis Digital Assets. It not only reflects the trust large enterprises and institutions have in Canaan, but also their confidence in the quality and performance of our Avalon Miners. As we look to continue supporting the business development needs of these mining firms, we will double down on our research and development efforts, to develop the next generation of machines that miners have come to expect.”
Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, said: “We’re pleased to see our strategic partnership with Canaan continue to advance. This most recent order of machines will support our efforts to rapidly scale our operations as we work towards our goal of increasing our capacity to 1.9 gigawatts by the end of 2023.”
Starting 2021, Canaan has transformed its business strategy with a renewed focus on sustainable and long-term profit growth. This includes shifting its target customer base to large mining firms, listed companies, and fund-backed institutions. Contracts secured year-till-date include partnerships with Genesis Digital Assets, Hive Blockchain and Mawson Infrastructure. That has greatly contributed to increased revenue visibility as well as the optimisation of cost structures and supply chains.
About Canaan Inc.
Canaan is a leading provider of supercomputing solutions, distinguished for superior cost-efficiencies and performance. In addressing the limitations of today’s computing hardware, Canaan strives to advance the world we live in by powering transformative technologies.
Canaan is renowned for having invented the world’s first ASIC-powered Bitcoin mining machine in 2013, radically catalysing the growth of a computationally advanced Bitcoin mining sector. Today, Canaan continues to be the second largest designer and manufacturer of Bitcoin mining machines globally.
Developed through academic research, rigorous expertise in semiconductor design, and backed by a robust network of strategic partners, Canaan continues to expand its suite of advanced hardware offerings, exploring opportunities across some of the world’s most exciting emerging technologies.
For more information, visit: canaan.io.
About Genesis Digital Assets Limited
Genesis Digital Assets is one of the world’s largest and most experienced Bitcoin mining companies. Since 2013, founders of the company have built over 20 industrial-scale mining farms, brought over 300,000 miners online, and mined over US$1 billion in Bitcoin.
For more information, visit: genesisdigitalassets.com.