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    Canaan Cements Strategic Partnership With Genesis Digital Assets via Milestone Sales Contract With an Additional Purchase Option
    publish date 2021-08-31

    Beijing, China — August 31, 2021  — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that it has secured a purchase order (the “Order”) from Genesis Digital Assets Limited (“Genesis Digital Assets”), a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 20,000 of its Bitcoin mining machines. In conjunction with the Order, Canaan has granted Genesis Digital Assets an option to purchase up to 180,000 additional mining machines.

    Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “Since we entered the long-term partnership with Genesis Digital Assets earlier this year, we have reached several great deals. This order with an option of future large purchases further solidifies our collaborations and reflects both parties’ confidence in the prospect of the cryptocurrency mining industry. All these mutually beneficial deals demonstrate the quality of our products and our endeavor to deliver for clients, despite the overall challenging supply chain condition. We remain diligent in helping miner clients expand their computing power while generating value for our shareholders.”


    Abdumalik Mirakhmedov, Co-Founder and Executive Chairman of Genesis Digital Assets, said: “The Bitcoin mining machines from this latest purchase order are part of our on-going efforts to rapidly scale our bitcoin mining operations in North America and the Nordics where we are focused on energy that comes from renewable sources. These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023.”


    About Canaan Inc.


    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.


    About Genesis Digital Assets Limited


    Genesis Digital Assets is one of the world’s largest and most experienced Bitcoin mining companies. Since 2013, founders of the company have built over 20 industrial-scale mining farms, brought over 300,000 miners online, and mined over US$1 billion in Bitcoin. As of August 2021, Genesis Digital Assets data center capacity is at over 170 megawatts, translating into a total hashrate exceeding 3.1 Exahashes (EH/s), which is more than 2.4% of the global Bitcoin mining hashrate.

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