Benzinga | Oct 29, 2021 07:02AM EDT

Canaan Reports Secured Follow-On Purchase Order From Hive Blockchain For 6.5K Bitcoin Mining Machines, No Terms Disclosed

Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has secured a follow-on 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 by HIVE follows the two recent purchases of 4,000 units and 6,400 units of Canaan's Avalon Miners in August 2021 and January 2021, respectively.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "The additional purchase order from HIVE further strengthens our working relationship. 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. With our next-generation Avalon Miners as well as our quality on-site and off-site support, we are confident to achieve greater success with our clients in the crypto-mining field."

Frank Holmes, Executive Chairman of HIVE, commented, "We are pleased to be building on our strategic alliances with Canaan, a leading ASIC manufacturer, to achieve our goals and drive value for our shareholders, while executing on a transaction that increases our cash flow and green mining capacity. 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."