Felix Pinkston
November 1, 2024 15:49
Canaan Inc. announced a significant contract with CleanSpark to supply 3800 Avalon A1566I miners to strengthen CleanSpark’s submerged mining operations and increase efficiency.
Canaan Inc. (NASDAQ: CAN), a prominent provider of high-performance computing solutions, announced a bulk order for the Avalon A1566I miner from new customer CleanSpark Inc. According to PRNewswire, this partnership is an important step for both companies to advance their capabilities in the Bitcoin mining sector.
contract details
Under the purchase agreement, Canaan US Inc., a wholly owned subsidiary of Canaan Inc., will supply 3800 Avalon A1566I immersion cooled miner units to CleanSpark. With an average compute performance of 249 terahashes per second (TH/s) without overclocking, the miner is scheduled to ship in the fourth quarter of 2024. This move achieves high efficiency and strategic land acquisition.
strategic implications
The collaboration with CleanSpark highlights Canaan’s commitment to supporting the North American mining community and expanding its regional presence. “We are very pleased that CleanSpark has selected Canaan’s high-performance mining solutions,” said Nangeng Zhang, Chairman and CEO of Canaan. He demonstrated the strength of Canaan’s products and their shared vision for the future of Bitcoin mining, highlighting the potential for Canaan miners to be seamlessly integrated into CleanSpark’s vertically integrated system.
About Canaan Co., Ltd.
Founded in 2013, Canaan Co., Ltd. is a technology company specializing in ASIC high-performance computing chip design, computing equipment production, and software services. Known for its pioneering work in ASIC technology, Canaan has played a significant role in the Bitcoin mining industry since launching the first ASIC-based mining machine under the Avalon brand. Canaan further solidified its position in the technology industry by listing on the NASDAQ global market in 2019.
wider context
This deal 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 improved performance and energy efficiency. As the industry evolves, partnerships like the one between Canaan and CleanSpark are critical to driving innovation and sustaining growth.
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