Provides 2000 A15 Hydro Bitcoin mining machines in initial order
Continues global expansion with addition of new customer

SINGAPORE, Dec. 12, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that Canaan Creative Global Pte. Ltd. ("CCG"), a wholly owned Singapore subsidiary of the Company, has entered into a purchase agreement with AGM Group Holdings Inc. ("AGMH"), an integrated technology company specializing in fintech software services and production of high-performance hardware and computing equipment, for its Avalon A15 HydU 370T ("A15 Hydro") mining machines.

As part of the agreement, Canaan will initially provide 2,000 Bitcoin mining machines to AGMH. The Company has also agreed to provide its customer with an option to acquire approximately 30,000 additional BTC mining units, potentially providing AGMH with a combined power capacity not exceeding 300 megawatts.

The Avalon Miner A15 Hydro enhances the miner's performance and lifespan while reducing energy consumption and noise pollution, aligning with Canaan's ESG (Environmental, Social, and Governance) strategy.

About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market.