Canaan (CAN) Stock Rises After Securing Purchase Order for 6,500 Bitcoin Mining Machines

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What is going on with CAN?

Canaan Inc. (CAN) today announced that it has secured a follow-on purchase order from HIVE Blockchain Technologies Ltd. (HIVE), for 6,500 units of its Avalon Bitcoin mining machines.

Established in 2013, Canaan released the world’s first 7nm ASIC chip in 2018, providing energy efficient computing equipment to the cryptocurrency mining industry.

Shares of CAN increased 0.68% to $8.91 as of Friday at 12:03pm.

What does this mean for Canaan?

HIVE’s order of 6,500 machines follows two recent purchases of 4,000 units and 6,400 units of Canaan’s Avalon Miners in August 2021 and January 2021, respectively.

The new order will only strengthen the relationship between the two companies and expand Canaan’s reach in the crypto-mining field.

Mr. Nangeng Zhang, Chairman and CEO of Canaan, commented, “The consecutive deals are not only a testament to the quality and performance of our mining machines, but also demonstrate our effective client relationship-building efforts.”

“We will continue to position ourselves as an important partner for HIVE as they accelerate their business growth.”

HIVE currently has approximately 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 by December 2021, and 3 EH/s by March 2022.

Long-Term Technical Rank - 34

CAN has a Long-Term Technical Rank of 34. Find out what this means to you and get the rest of the rankings on CAN!

Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain. The equipment manufactured by Canaan is sold to many countries including China, the United States, Hong Kong, and other foreign countries. It derives a vast majority of the revenue from China. Its product includes Kanzhi Al and Avalon Mining Machine.

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