Canaan Inc. Supplies Avalon® ASIC Kits for Bitfury's North American Infrastructure Upgrade

Rhea-AI Summary

Canaan (NASDAQ: CAN) has secured a new purchase order from Bitfury Group for Avalon® ASIC-powered upgrade kits to enhance up to 10MW of Bitcoin mining capacity in North America. This follows their July 2024 strategic partnership and previous delivery of 4,500 Avalon® A14 series miners.

The upgrade initiative aims to repurpose existing infrastructure while improving efficiency and reducing capital expenditure. This collaboration represents a milestone in their joint R&D efforts, combining Canaan's ASIC technology with Bitfury's infrastructure expertise to create cost-effective and sustainable mining solutions.

Positive

• Strategic partnership with major blockchain company Bitfury strengthens market position
• Innovative solution reduces capital expenditure while improving mining efficiency
• Expansion in North American market with 10MW capacity upgrade
• Environmental benefit through infrastructure reuse and reduced electronic waste

Negative

• Limited financial details disclosed about the order size and revenue impact
• Dependent on cryptocurrency market conditions and Bitcoin mining profitability

Insights

Cryptocurrency Mining Specialist

Canaan secures new Bitfury order for ASIC upgrade kits, strengthening their strategic partnership while improving mining efficiency and sustainability.

Canaan's announcement represents a positive development in its ongoing strategic partnership with Bitfury. The new purchase order for Avalon® ASIC upgrade kits will enhance up to 10MW of Bitfury's existing Bitcoin mining infrastructure in North America, building upon their previous delivery of 4,500 Avalon® A14 miners.

This deal demonstrates Canaan's ability to secure follow-on business with major industry players while showcasing its R&D capabilities. The companies have been collaborating since July 2024, developing solutions that combine Canaan's ASIC technology with Bitfury's infrastructure expertise.

What makes this approach noteworthy is the focus on upgrading existing equipment rather than complete replacement. This strategy allows Bitfury to boost operational efficiency while reducing capital expenditures and electronic waste - an increasingly important consideration in the energy-intensive cryptocurrency mining sector.

For Canaan, this deal strengthens its position in the competitive ASIC market by demonstrating the versatility of its technology beyond standalone miners. The collaboration also potentially opens doors to future joint ventures in the intersection of crypto mining and AI computing infrastructure.

As Bitcoin mining becomes increasingly professionalized, Canaan's ability to secure orders from established players like Bitfury - especially for infrastructure upgrades rather than just new deployments - signals a maturing business model that may help insulate the company against the boom-and-bust cycles that have historically affected mining equipment manufacturers.

 Bitfury to enhance large-scale digital asset operations with Avalon-powered upgrade kits
Order marks milestone in joint R&D under strategic business collaboration

SINGAPORE, Aug. 28, 2025 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has received a new purchase order from Bitfury Group ("Bitfury"), a leading full-service blockchain technology company, for Avalon® ASIC-powered upgrade kits (the "Avalon® ASIC Kit"). This equipment will be deployed at Bitfury's North American facility to upgrade up to 10MW of existing Bitcoin mining capacity, enhancing performance and energy efficiency.

Prior to receiving the order, Canaan's task force collaborated with Bitfury for several months, underscoring both companies' strong commitment to North American mining opportunities, particularly those focused on economically efficient and innovation-driven solutions.

This order reflects the dedicated R&D collaboration under the strategic relationship between Canaan and Bitfury, commencing since July 2024. Building on the previous delivery of 4,500 Avalon® A14 series for Bitfury's mining operations, this project is the outcome of a joint development effort that led to the production of Avalon® ASIC Kit, a pioneering solution combining Canaan's latest ASIC technology with Bitfury's infrastructure expertise and proven platform.

As part of this deployment, Bitfury will repurpose a substantial portion of its existing high-quality systems while upgrading them with Avalon® ASIC Kit. This approach reduces capital expenditures and electronic waste, while boosting efficiency and competitiveness at a fraction of the cost of a full rebuilding. Such a unique collaboration between two major global players underscores the leadership and flexibility of Canaan and Bitfury in delivering customized, future-ready mining solutions, and highlights a shared commitment to sustainable innovation, cost efficiency, and operational excellence.

"Our collaboration with Bitfury is a testament to our shared commitment to responsible mining and sustainable innovation," said Nangeng Zhang, chairman and CEO of Canaan Inc. "Through R&D that prioritizes cost efficiency and sustainability, we are building the infrastructure that will power the future of blockchain and high-performance computing. We are honored to support Bitfury, a unique player in blockchain, HPC and AI infrastructure, with forward-thinking upgrades that enhance efficiency and prepare for the convergence of crypto mining and AI data center technologies."

"At Bitfury, we continually seek partners that can help us enhance the scale, efficiency, and sustainability of our infrastructure, and Canaan has been a valuable technology partner in our crypto mining operations," said Val Vavilov, co-founder and CEO of Bitfury Group. "This collaboration with Canaan demonstrates how our joint R&D and infrastructure expertise, together with Canaan's ability to consistently deliver high-performance, dependable products, can deliver meaningful innovations for the industry."

As the mining sector matures, forward-thinking strategies like infrastructure re-use, energy optimization, and deep technical collaboration are becoming essential, particularly for environmentally conscious operations. By partnering with leading operators like Bitfury, Canaan continues to support decentralized innovation with a focus on sustainability, reliability, and performance. Both companies plan to explore further upgrades and innovation opportunities in North America and beyond.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

About Bitfury Group

Bitfury Group is the world's leading full-service blockchain technology company. Since our founding in 2011, Bitfury Group has built on its heritage as one of the earliest Bitcoin miners and providers of Bitcoin mining equipment to develop a suite of infrastructure products and services that power the Web 3.0 ecosystem and make digital assets safe, sustainable, and useful. From hardware to security to software, our businesses leverage today's cutting-edge technologies to solve the most pressing challenges of tomorrow.

To learn more about Bitfury, please visit https://bitfury.com/

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hashrate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development; the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies; fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com

Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com

View original content:https://www.prnewswire.com/news-releases/canaan-inc-supplies-avalon-asic-kits-for-bitfurys-north-american-infrastructure-upgrade-302540909.html

SOURCE Canaan Inc.

FAQ

What is the new partnership between Canaan and Bitfury in 2025?

Canaan will supply Avalon® ASIC upgrade kits to Bitfury for enhancing up to 10MW of Bitcoin mining capacity in North America, building on their strategic partnership from July 2024.

How will Bitfury use Canaan's Avalon ASIC upgrade kits?

Bitfury will use the kits to upgrade existing mining infrastructure, improving efficiency and performance while reducing capital expenditure and electronic waste.

What was Canaan's previous delivery to Bitfury?

Canaan previously delivered 4,500 Avalon® A14 series miners to Bitfury for their mining operations.

How does the Canaan-Bitfury partnership benefit the environment?

The partnership promotes sustainability by repurposing existing infrastructure and reducing electronic waste through upgrades rather than complete system replacement.

What is the strategic importance of this order for Canaan (CAN)?

This order represents a milestone in joint R&D efforts, strengthens Canaan's presence in North America, and demonstrates their ability to deliver customized, sustainable mining solutions.