Canaan Receives New Purchase Order for ASIC Upgrade Kits from Bitfury Group

Canaan has received a new purchase order from Bitfury Group for Avalon ASIC-powered upgrade kits to enhance the performance and energy efficiency of up to 10MW of existing Bitcoin mining capacity at Bitfury's North American facility. The collaboration between the two companies highlights their commitment to economically efficient and innovation-driven solutions in North American mining opportunities.

Canaan Inc. (CAN), a leading technology company in ASIC high-performance computing, has received a new purchase order from Bitfury Group for Avalon® ASIC-powered upgrade kits. This order is part of a strategic collaboration aimed at enhancing the performance and energy efficiency of up to 10MW of existing Bitcoin mining capacity at Bitfury's North American facility [1].

The collaboration, which began in July 2024, reflects both companies' commitment to sustainable and cost-efficient mining solutions. Canaan will provide advanced ASIC technology, while Bitfury will leverage its infrastructure expertise. The project emphasizes the importance of infrastructure reuse, energy optimization, and technical collaboration in the evolving mining sector [1].

The order marks a milestone in the joint R&D effort between Canaan and Bitfury, which has already led to the production of the Avalon® ASIC Kit. This pioneering solution combines Canaan's latest ASIC technology with Bitfury's infrastructure expertise. The deployment of the Avalon® ASIC Kit will repurpose a substantial portion of Bitfury's existing high-quality systems, reducing capital expenditures and electronic waste while boosting efficiency [2].

The partnership underscores the leadership and flexibility of both companies in delivering customized, future-ready mining solutions. It also highlights a shared commitment to sustainable innovation, cost efficiency, and operational excellence. As the mining sector matures, forward-thinking strategies like infrastructure reuse and energy optimization are becoming essential for environmentally conscious operations [2].

Canaan Inc. and Bitfury Group plan to explore further upgrades and innovation opportunities in North America and beyond. The collaboration is expected to support decentralized innovation with a focus on sustainability, reliability, and performance.

References:
[1] https://www.tipranks.com/news/company-announcements/canaan-inc-partners-with-bitfury-for-north-american-mining-upgrade
[2] https://www.prnewswire.com/news-releases/canaan-inc-supplies-avalon-asic-kits-for-bitfurys-north-american-infrastructure-upgrade-302540909.html