Canaan Seals Deal With Cipher and Stronghold for Bitcoin Miners

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Canaan, a top Bitcoin rig manufacturer, has secured follow-up purchase orders from Cipher Mining and Stronghold Digital Mining, encompassing more than 17,000 Bitcoin miners. These orders are based on Canaan’s established partnerships with Cipher and Stronghold. 

Details of the Order

According to the press release, Cipher’s joint venture has acquired 16,700 A1466 model Avalon mining machines. These machines are scheduled for delivery in April and May 2024. The mining machines with an average hash rate of 150T/s are intended for use at Cipher’s Bear and Chief data centers in Texas. 

Meanwhile,  the previously acquired 11,000 A1346 Avalon model mining machines from May 9, 2023, have been successfully delivered and installed at Cipher’s Odessa data center.

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Similarly, Stronghold has acquired 1,100 A1346 model Avalon mining machines featuring an average hash rate of 123T/s. The machines are expected to be delivered by January 2024 at Stronghold’s Scrubgrass Plant, where they will be deployed to use.

Remarkably, Stronghold has taken delivery of the previously purchased 2,000 A1346 model mining machines at its Patha Creek factory.

The miner also holds an option to acquire an additional 2,500 A1466 model mining machines with an average hash rate ranging from 140T/s to 150T/s. Recall that the miner had planned to return over 26,000 mining equipment to New York Digital Investment Group (NYDIG) to minimize its debt to the lender considerably.

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Canaan Poised to Lead the Market

Canaan’s acquisition orders play a significant role in meeting the demand for BTC mining equipment. Through its partnerships with Cipher Mining and Stronghold Digital Mining, Canaan’s expertise and premium products position it favorably in the dynamic cryptocurrency industry.

Interestingly, Nangeng Zhang, Chairman and CEO of Canaan, emphasized that the continued orders for Canaan’s new A14 product line underscore its potential and signal a recovery in computing power sales through diverse channels. 

Zhang highlighted that the consistent demand from industry players reflects Canaan’s exceptional technology, reliability, and precision. He expressed the company’s commitment to supporting global crypto customers as the business expands.

Bitcoin Miners Acquire More Machines

In June last year, Riot Platforms spent $162.9 million on 33,280 “next-generation” Bitcoin miners for its Texas facility in June last year. Similarly, Core Scientific, a prominent Texas-based bitcoin mining firm secured $53.9 million from Bitman, a well-known crypto mining rig manufacturer, to acquire advanced and more efficient bitcoin mining equipment.

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