Canaan Inc., a leading high-performance computing solutions provider, today announced that it has secured follow-on purchase orders from joint venture entities of Cipher Mining Inc. and from Stronghold Digital Mining, Inc. The orders, which combined involve the purchase of over 17,000 Bitcoin mining machines, build upon Canaan’s existing relationships with Cipher and Stronghold.
On December 29, 2023, Cipher, a leading developer and operator of Bitcoin mining data centers, entered into an agreement whereby two joint venture entities in which Cipher has a 49% interest purchased from Canaan 16,700 A1466 model mining machines with an average hash rate of 150T/s. These machines are to be delivered in April and May 2024 for use at Cipher’s Bear and Chief data centers, both located in Texas. The 11,000 A1346 model mining machines which were purchased on May 9, 2023 have been delivered and installed at Cipher’s Odessa data center.
On December 26, 2023, Stronghold, a vertically integrated Bitcoin mining company, entered into an agreement whereby Stronghold has purchased from Canaan 1,100 A1346 model mining machines with an average hash rate of 123T/s. These are to be delivered by January 2024 for use at Stronghold’s Scrubgrass Plant. Additionally, Stronghold has an option to purchase an additional 2,500 A1466 model mining machines with an average hash rate of 140T/s-150T/s. The 2,000 A1346 model mining machines which were purchased on July 27, 2023 have been delivered and installed at Stronghold’s Patha Creek Plant.
Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “These follow-on orders underscore our robust partnerships with publicly-traded mining companies and affirm the capabilities of our new A14 product series. As conditions improve and we approach the next Bitcoin bull market, our computing power sales are resurging across diverse channels, reaching institutional customers, distributors, and online retail stores. This persistent demand from industry players for Canaan’s machines is a testament to our sophisticated, proven technology and the quality of our product. We are eager to support new and existing customers worldwide as the cryptocurrency space continues to evolve.”
Also Read: Ten Prime VFX Tools
Tyler Page, CEO of Cipher Mining Inc., commented, “We are excited to once again partner with Canaan for our 60 MW expansion at our Bear and Chief facilities. The Canaan machines we purchased last year are among the top-performing rigs in our fleet, especially in the hot summer months in Texas. Our relationship with Canaan has been great, and we look forward to future dealings with their team.”
Greg Beard, Chairman and Chief Executive Officer of Stronghold, commented, “We are thrilled to enhance our partnership with Canaan through the acquisition of these A1346 miners, along with an option to purchase A1466 miners, which are on the cutting-edge of Bitcoin mining technology. Based on our positive experience from previous miner purchases, the A1346 is an outperformer in our air-cooled StrongBox containers. It provides an attractive value proposition with its remarkable hash rate, energy efficiency, and competitive pricing, and we are eager to put these new machines to work.”
Check Out The New TalkDev Podcast. For more such updates follow us on Google News TalkDev News.