Canaan Secures Major Deal with HIVE for 6,500 Bitcoin Miners

Canaan Inc. (NASDAQ: CAN), a high-performance computing solutions provider, announced today that its Singapore-based subsidiary, Canaan Creative Global Pte. Ltd. (CCG), has entered an agreement with HIVE Digital Technologies Ltd. to supply 6,500 of its Avalon A1566 mining machines, which are specifically designed for mining Bitcoin. 

HIVE Digital, a Canadian-based company that’s really focused on environmentally-friendly cryptocurrency mining, sees this as a major upgrade to their mining capabilities. 

“Our disciplined capital management allows us to seize opportunities for ASIC upgrades,” said HIVE’s Executive Chairman Frank Holmes. 

This big order is part of a larger plan for HIVE, which is also building a 100-megawatt mining facility in Paraguay. By next year, the company aims to increase its total computing power (hashrate) significantly, hoping to reach a new level of efficiency and production with the help of Canaan’s machines.

Canaan’s CEO, Nangeng Zhang, expressed excitement about working with HIVE, calling them “a long-standing customer and a pioneer in Bitcoin mining.” He praised HIVE’s transparency and dedication to sustainable mining, which aligns well with Canaan’s goals and values. 

This isn’t Canaan’s first big milestone either; the company has a solid reputation in the mining industry and was one of the first companies to make ASIC-based mining machines back in 2013.

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