Canaan Inc., a well-known high-performance computing solutions provider, announced an agreement with HIVE Digital Technologies to supply 6,500 Avalon A1566 machines for Bitcoin mining.
Details of the Canaan-HIVE Agreement
Canaan's Singaporean subsidiary, Canaan Creative Global Pte. Ltd., has secured an agreement with HIVE Digital Technologies Ltd. to deliver 6,500 Avalon A1566 mining machines. These units are capable of approximately 185 terahashes per second each. The first 500 machines are already on their way and will be installed soon, with the remaining units to be delivered in batches over the next few months until March 2025.
HIVE's Eco-friendly Mining Strategy
Canada-based HIVE Digital is notably focused on environmentally-friendly cryptocurrency mining. The company sees this agreement as a major upgrade to its mining capacities. According to HIVE’s Executive Chairman Frank Holmes, their disciplined capital management allows them to seize opportunities for ASIC upgrades. The company is also building a 100-megawatt mining facility in Paraguay, aiming to significantly boost its total computing power by next year.
Significance of the Deal for Both Companies
Canaan CEO Nangeng Zhang expressed excitement about partnering with HIVE, calling them a long-standing customer and a pioneer in Bitcoin mining. He praised HIVE’s transparency and commitment to sustainable mining, which aligns well with Canaan’s goals and values.
This agreement marks an important step for both companies, reflecting their commitment to sustainable development and technological innovation in the digital currency mining sector.
