BEIJING, Oct. 29, 2021 /PRNewswire/ -- Canaan Inc.
(NASDAQ: CAN) ("Canaan" or the "Company"), a leading
high-performance computing solutions provider, today announced that
it has secured a follow-on purchase order from HIVE Blockchain
Technologies Ltd. (TSX.V: HIVE; NASDAQ: HIVE) ("HIVE"), for 6,500
units of its next-generation Avalon Bitcoin mining machines.
This new order by HIVE follows the two recent purchases of 4,000
units and 6,400 units of Canaan's Avalon
Miners in August 2021 and
January 2021, respectively.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of
Canaan, commented, "The additional purchase order from
HIVE further strengthens our working relationship. The
consecutive deals are not only a testament to the quality and
performance of our mining machines, but also demonstrate our
effective client relationship-building efforts. We will continue to
position ourselves as an important partner for HIVE as they
accelerate their business growth. With our next-generation
Avalon Miners as well as our quality
on-site and off-site support, we are confident to achieve greater
success with our clients in the crypto-mining field."
Frank Holmes, Executive Chairman
of HIVE, commented, "We are pleased to be building on our strategic
alliances with Canaan, a leading ASIC manufacturer, to achieve our
goals and drive value for our shareholders, while executing on a
transaction that increases our cash flow and green mining capacity.
HIVE currently has approximately 1.2 Exahash per second (EH/s) of
Bitcoin mining capacity, and with this new purchase, HIVE's Bitcoin
ASIC pipeline will be at 2 EH/s by December
2021, and 3 EH/s by March
2022."
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.
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, 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 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
equipment; 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, including its registration
statement on Form F−1, as amended, and its annual reports on Form
20−F. 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.
Mr. Shaoke Li
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.