Canaan to Deliver 6,840 Bitcoin Mining Units to Cipher's Black Pearl Facility
In a significant move for the bitcoin mining industry, Canaan Inc., a leading designer and manufacturer of high-performance bitcoin mining solutions, has announced an agreement to supply Cipher Mining Inc. with approximately 6,840 Avalon A15Pro miners. This partnership marks Canaan's expanding presence in the U.S. bitcoin mining market and Cipher's commitment to maintaining a strong operational capacity with cutting-edge technology.
Canaan's Chairman and CEO, Nangeng Zhang, made a statement about the uptick in demand from global customers, without revealing specific details. Following the announcement, CAN gained 1.7% in after-hours trading, indicating a positive market response. Similarly, CIFR, the ticker symbol for Cipher Mining, edged up 0.3%.
The Avalon A15Pro miners, known for their high-performance capabilities, deliver an average hash rate of 221 terahashes per second and boast a power efficiency of approximately 16.6 joules per terahash. These miners are suitable for large-scale operations, making them ideal for Cipher Mining's operations.
The timing and financial terms of the deal between Canaan and Cipher Mining were not disclosed. However, it is known that the miners will be fulfilled by Canaan's U.S. and Malaysian facilities and are expected to be delivered to Cipher Mining's Black Pearl facility in the third quarter. The Black Pearl facility is part of Cipher's network, which focuses on energy-optimized mining operations and sustainable energy sources.
Cipher Mining, a publicly traded digital asset mining company, was founded in 2021 and emphasizes sustainable energy sourcing and efficient hash rate operations in North America. The company is headquartered in Austin, Texas, and targets growth through strategic partnerships and facility expansions.
This partnership between Canaan and Cipher Mining underscores the growing trust between the two companies, with Cipher recognizing Canaan's capacity to deliver high-performance mining solutions at scale. The price of bitcoin has reached new all-time highs, making this partnership particularly timely and significant for both companies.
[1] Source: Canaan Inc. Press Release, [link to source] [2] Source: Cipher Mining Inc. Press Release, [link to source] [3] Source: NASDAQ, [link to source] [4] Source: Cipher Mining Inc. Website, [link to source]
Investing in cutting-edge technology is a crucial part of Cipher Mining's business strategy, as exemplified by their partnership with Canaan Inc., a leading player in the finance sector specializing in bitcoin mining solutions. The deal, which includes the supply of 6,840 high-performance Avalon A15Pro miners, will boost Cipher's operational capacity and strengthen their commitment to energy-optimized mining operations.
