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.