Canaan Gets Hive Blockchain Tracking Purchase Order for 6,500 Bitcoin Mining Machines

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– Hive Blockchain bought 10,400 units of Avalon Miners from Canaan on two previous orders –

BEIJING, October 29, 2021 / PRNewswire / – Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading provider of high performance computing solutions, today announced that it has secured a 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 from HIVE follows two recent purchases of 4,000 units and 6,400 units from Canaan’s Avalon miners in August 2021 and January 2021, respectively.

Mr. Nangeng Zhang, President and CEO of Canaan, said, “The additional HIVE purchase order further strengthens our working relationship. The consecutive agreements are not only a testament to the quality and performance of our mining machines, but also demonstrate our effective efforts to build relationships with customers. We will continue to position ourselves as an important partner for HIVE as they accelerate their business growth. With our new generation Avalon miners along with our quality on-site and off-site support, we are confident that we will achieve greater success with our customers in the crypto mining field. “

Frank holmes, Executive Chairman of HIVE, commented: “We are delighted to build on our strategic alliances with Canaan, one of the leading manufacturers of ASICs, to achieve our goals and generate value for our shareholders, while achieving transaction that increases our cash flow and HIVE currently has around 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 d ‘here december 2021, and 3 EH / s by March 2022. “

About Canaan Inc.

Founded in 2013, Canaan (NASDAQ: CAN) is a technology company specializing in ASIC high performance computer chip design, chip research and development, computer 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 rich experience in chip design and streamlined production in ASIC field. In 2013, he released and mass produced his first ASIC Bitcoin mining machine. In 2018, Canaan launched the world’s first 7nm ASIC chip, providing energy-efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan launched the world’s first advanced artificial intelligence chip with RISC-V architecture, further harnessing the potential of ASIC technology in high performance computing and artificial intelligence.

Safe Harbor Declaration

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” “,” Future “,” intentions “,” plans “,” belief “,” estimates “and similar statements. Among other things, the business outlook and management quotes 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 United States 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 objectives and strategies of the Company; the future business development of the Company, its financial position and its results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Company’s expectations regarding the demand and market acceptance of its products, in particular its Bitcoin mining equipment; the Company’s expectations regarding the maintenance and strengthening of its relationships with its production partners and customers; the Company’s investment plans and strategies; fluctuations in the Company’s quarterly operating results; competition in its industry by China; and relevant government policies and regulations relating to the Company and the 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. assumes no obligation to update any forward-looking statement, except as required by applicable law.

Investor Relations Contact

Canaan Inc.
Mr. Shaoke Li
Email: [email protected]

ICR, LLC
Robin yang
Phone. : +1 (347) 396-3281
Email: [email protected]

Cision

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SOURCE Canaan Inc.


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