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Canaan Secures Follow-on Purchase Order From Hive Blockchain for 6,500 Bitcoin Mining Machines

Canaan Secures Follow-on Purchase Order From Hive Blockchain for 6,500 Bitcoin Mining Machines

Beijing, China — October 29, 2021 — Canaan, a leading provider of supercomputing solutions, has secured a follow-on purchase order from Hive Blockchain, for 6,500 units of its next-generation Avalon Bitcoin mining machines.

 

This new order comes on the back of Hive Blockchain’s recent purchase of 4,000 units and 6,400 units of Canaan’s Avalon Miners in August 2021 and January 2021 respectively.

Frank Holmes, Executive Chairman of HIVE, said: “We are pleased to be building on our strategic alliances with leading ASIC manufacturer Canaan 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. 

Nangeng Zhang, CEO and Chairman of Canaan, said: “We are excited to announce this additional purchase order from HIVE. This serves as a solid endorsement of the close working relationship between both parties. As Hive looks to accelerate business growth, Canaan will continue to be an important partner, providing Hive with next-generation AvalonMiners as well as quality onsite and offsite support for these machines.”

Canaan is a leading provider of supercomputing solutions, distinguished for superior cost-efficiencies and performance. In addressing the limitations of today’s computing hardware, Canaan strives to advance the world we live in by powering transformative technologies.

 

Canaan is renowned for having invented the world’s first ASIC-powered Bitcoin mining machine in 2013, radically catalysing the growth of a computationally advanced Bitcoin mining sector. Today, Canaan continues to be the second largest designer and manufacturer of Bitcoin mining machines globally.

 

Developed through academic research, rigorous expertise in semiconductor design, and backed by a robust network of strategic partners, Canaan continues to expand its suite of advanced hardware offerings, exploring opportunities across some of the world’s most exciting emerging technologies. For more information, visit: canaan.io.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.

 

HIVE is a growth-oriented technology stock in the emergent blockchain industry.  As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards.  Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC.  Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.  HIVE traded over 2 billion shares in 2020. For more information, visit HIVEblockchain.com

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