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    CAN   US1347481020

CANAAN INC.

(CAN)
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Canaan Secures Follow-On Purchase Order From Hive Blockchain for 6,500 Bitcoin Mining Machines

11/01/2021 | 01:47am EST
Canaan Secures Follow-On Purchase Order From Hive Blockchain for 6,500 Bitcoin Mining Machines
publish date 2021-11-01

BEIJING, Oct. 29, 2021 - 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."

Disclaimer

Canaan Inc. published this content on 01 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 06:46:05 UTC.


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Financials
Sales 2020 448 M 70,7 M 70,7 M
Net income 2020 -215 M -34,0 M -34,0 M
Net cash 2020 403 M 63,7 M 63,7 M
P/E ratio 2020 -4,31x
Yield 2020 -
Capitalization 4 708 M 743 M 744 M
EV / Sales 2019 4,44x
EV / Sales 2020 12,6x
Nbr of Employees 248
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N. G. Zhang Chairman & Chief Executive Officer
Tong He Finance Director
Jin Cheng Chief Financial Officer
Wu Jing Jie Vice President-Technology
Wenjun Zhang Independent Director
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