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

– Hive Blockchain has bought 10,400 items of Canaan’s Avalon Miners over two earlier orders –

BEIJING, Oct. 29, 2021 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Firm”), a number one high-performance computing options supplier, at present introduced that it has secured a follow-on buy order from HIVE Blockchain Applied sciences Ltd. (TSX.V: HIVE; NASDAQ: HIVE) (“HIVE”), for six,500 items of its next-generation Avalon Bitcoin mining machines.

This new order by HIVE follows the 2 current purchases of 4,000 items and 6,400 items of Canaan’s Avalon Miners in August 2021 and January 2021, respectively.

Mr. Nangeng Zhang, Chairman and Chief Government Officer of Canaan, commented, “The extra buy order from HIVE additional strengthens our working relationship. The consecutive offers are usually not solely a testomony to the standard and efficiency of our mining machines, but in addition reveal our efficient consumer relationship-building efforts. We’ll proceed to place ourselves as an necessary companion for HIVE as they speed up their enterprise progress. With our next-generation Avalon Miners in addition to our high quality on-site and off-site assist, we’re assured to attain larger success with our purchasers within the crypto-mining area.”

Frank Holmes, Government Chairman of HIVE, commented, “We’re happy to be constructing on our strategic alliances with Canaan, a number one ASIC producer, to attain our targets and drive worth for our shareholders, whereas executing on a transaction that will increase our money circulate and inexperienced mining capability. HIVE at present has roughly 1.2 Exahash per second (EH/s) of Bitcoin mining capability, and with this new buy, HIVE’s Bitcoin ASIC pipeline will probably be at 2 EH/s by December 2021, and three EH/s by March 2022.”

About Canaan Inc.

Established in 2013, Canaan (NASDAQ: CAN), is a know-how firm specializing in ASIC high-performance computing chip design, chip analysis and improvement, computing gear manufacturing and software program companies. The Firm’s imaginative and prescient is “tremendous computing is what we do, social enrichment is why we do it.” Canaan has a wealthy expertise in chip design and streamlined manufacturing within the ASIC area. In 2013, it launched and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan launched the world’s first 7nm ASIC chip, offering vitality environment friendly computing gear to the cryptocurrency mining business. In the identical yr, Canaan launched the world’s first RISC-V structure industrial edge AI chip, additional harnessing the potential of ASIC know-how within the area of high-performance computing and synthetic intelligence.

Protected Harbor Assertion

This announcement accommodates forward-looking statements. These statements are made underneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology reminiscent of “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and related statements. Amongst different issues, the enterprise outlook and quotations from administration on this announcement, in addition to Canaan Inc.’s strategic and operational plans, comprise forward-looking statements. Canaan Inc. can also make written or oral forward-looking statements in its periodic reviews to the U.S. Securities and Trade Fee (“SEC”) on Varieties 20−F and 6−Ok, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic information, together with statements about Canaan Inc.’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A lot of components may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: the Firm’s targets and methods; the Firm’s future enterprise improvement, monetary situation and outcomes of operations; the anticipated progress of the Bitcoin business and the worth of Bitcoin; the Firm’s expectations concerning demand for and market acceptance of its merchandise, particularly its Bitcoin mining gear; the Firm’s expectations concerning sustaining and strengthening its relationships with manufacturing companions and prospects; the Firm’s funding plans and methods; fluctuations within the Firm’s quarterly working outcomes; competitors in its business in China; and related authorities insurance policies and rules regarding the Firm and cryptocurrency. Additional data concerning these and different dangers is included within the Firm’s filings with the SEC, together with its registration assertion on Type F−1, as amended, and its annual reviews on Type 20−F. All data offered on this press launch and within the attachments is as of the date of this press launch, and Canaan Inc. doesn’t undertake any obligation to replace any ahead−trying assertion, besides as required underneath relevant legislation.

Investor Relations Contact

Canaan Inc.
Mr. Shaoke Li
E mail: IR@canaan-creative.com

ICR, LLC
Robin Yang
Tel: +1 (347) 396-3281
E mail: canaan.ir@icrinc.com