Continues North American Expansion with Order from Long-term Customer

SINGAPORE, Nov. 11, 2024 — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that Canaan Creative Global Pte. Ltd. (“CCG”), a wholly owned Singapore subsidiary of the Company, has entered into a purchase agreement with HIVE Digital Technologies Ltd (“HIVE”), for its Avalon A1566 miners.

Under the agreement, CCG will supply HIVE with 6,500 Avalon A1566 miners, each boasting an average computing power of 185 Terahash per second (TH/s). The initial delivery of 500 miners is set for immediate installation, with the remaining 6,000 machines to be delivered in four monthly batches of 1,500 units, starting in December 2024 and extending through March 2025.

“We appreciate HIVE’s decision to select Canaan’s mining solutions for their operations. While securing a significant order is always gratifying, it’s even more rewarding when it comes from HIVE— a long-time client and a pioneer in Bitcoin mining. HIVE’s highly skilled, global team has maximized the utilization rate of their mining sites, leading to some of the highest Bitcoin production per active hashrate in the industry,” stated Nangeng Zhang, chairman and CEO of Canaan. “HIVE is a valued partner, especially given their commitment to transparency in business and their strong focus on ESG principles. We can all learn from them as a leading player in their field.”

The Avalon Miner A1566, Canaan’s second generation of 1xJ/T series products, is engineered to provide a more reliable mining experience. The A1566 sets a new performance standard with enhanced power efficiency, a testament to Canaan’s ongoing market research and investment in product development.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company specializing in ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan possesses extensive expertise in chip design and streamlined production within the ASIC domain. In 2013, Canaan’s founding team delivered the world’s first batch of mining machines incorporating ASIC technology in bitcoin’s history, marketed under the Avalon brand. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit .

Safe Harbor Statement

This press release includes forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward−looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, Canaan Inc.’s anticipated financing plans and its intended use of proceeds contain forward−looking statements. Canaan Inc. may also make written or oral forward−looking statements in its periodic reports to the U.S. 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 Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, except as required under applicable law.

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Canaan Inc.
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SOURCE Canaan Inc.