Summary by Moomoo AI
Canaan has signed a significant purchase agreement with Cipher Mining Technologies for 6,600 units of its latest Avalon Miner A1566, featuring advanced computing power and efficiency. The initial order is scheduled for delivery in Q4 2024, with Cipher securing an additional option to purchase mining machines for up to 160 megawatts of capacity.The partnership demonstrates the market recognition of Canaan's A1566 mining machines and builds upon the existing trust between the two companies. Cipher Mining plans to use these miners to upgrade their Odessa data center and support their new 300 MW facility planned for 2025, specifically chosen for their performance in challenging environments with hot conditions and frequent curtailment.