Canaan Secures Follow-on Purchase Order of 30,000 Bitcoin Mining Machines as Genesis Digital Assets Exercised the First Phase of the Purchase Option
News provided by PRCrypto
Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has secured a purchase order (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 units of its Avalon Bitcoin mining machines.
In August 2021, Canaan granted Genesis Digital Assets an option to purchase up to 180,000 additional Bitcoin mining machines along with its original sales contract of 20,000 machines. The Order represents the first phase of this option exercised by Genesis Digital Assets and is expected to be delivered in the first quarter of 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "This substantial order by Genesis Digital Assets reflects the continued success of our collaboration and reinforces our long-term strategic partnership. Being a trusted computing solution provider with solid delivery capabilities, we have been supporting Genesis Digital Assets as they expand their mining farms across multiple geographic regions around the world. We are also pleased to work with clients like Genesis Digital Assets to enhance renewable energy applications in mining. Together with our clients, we are committed to building the infrastructure of blockchains and share the long-term vision of the cryptocurrency industry."
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."
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production and software services. The Company's vision is "super computing is what we do, social enrichment is why we do it." Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world's first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world's first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.
In August 2021, Canaan granted Genesis Digital Assets an option to purchase up to 180,000 additional Bitcoin mining machines along with its original sales contract of 20,000 machines. The Order represents the first phase of this option exercised by Genesis Digital Assets and is expected to be delivered in the first quarter of 2022.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "This substantial order by Genesis Digital Assets reflects the continued success of our collaboration and reinforces our long-term strategic partnership. Being a trusted computing solution provider with solid delivery capabilities, we have been supporting Genesis Digital Assets as they expand their mining farms across multiple geographic regions around the world. We are also pleased to work with clients like Genesis Digital Assets to enhance renewable energy applications in mining. Together with our clients, we are committed to building the infrastructure of blockchains and share the long-term vision of the cryptocurrency industry."
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."
About Canaan Inc.
Established in 2013, Canaan (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production and software services. The Company's vision is "super computing is what we do, social enrichment is why we do it." Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world's first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world's first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.