Leading high-performance computing solution providers, Canaan, have received substantial orders for Bitcoin mining machines from Cipher Mining and Stronghold Digital Mining. The orders, totaling over 17,000 units, strengthen Canaan’s existing partnerships with Cipher and Stronghold.
On December 29, 2023, Cipher, a prominent developer and operator of Bitcoin mining data centers, finalized the purchase of 16,700 A1466 model mining devices from Canaan. These machines, with an average hash rate of 150T/s, are scheduled for delivery in April and May 2024, supplementing the 11,000 A1346 model machines already operational at Cipher’s Odessa data center.
Concurrently, on December 26, 2023, Stronghold, a vertically integrated Bitcoin mining company, signed a deal to acquire 1,100 A1346 model mining machines from Canaan, with an average hash rate of 123T/s, set for deployment at the Scrubgrass Facility in January 2024. Stronghold also has an option to purchase an additional 2,500 A1466 model machines, complementing the 2,000 A1346 units currently active at the Patha Creek Facility.
Canaan’s Chairman and CEO Nangeng Zhang expressed optimism about the company’s future, highlighting the strong partnerships with public mining firms and the capabilities of the new A14 product series. Cipher Mining CEO Tyler Page and Stronghold Chairman and CEO Greg Beard both conveyed excitement about expanding their partnerships with Canaan, praising the performance, energy efficiency, and competitive pricing of Canaan’s mining machines.
These recent orders not only underscore the confidence industry leaders have in Canaan’s technology but also signal a robust and ongoing demand for Bitcoin mining equipment amidst a resurgent market.