Crypto Mining Firm Canaan Launches Cutting-Edge Bitcoin Mining Rigs
Chinese crypto mining rig manufacturer Canaan Inc. on October 24 launched the Avalon Made A13 series, a new generation of bitcoin mining machines.
Powered by advanced ASIC technologies, the new A13 series will include two different models with enhanced computing power and improved power efficiency compared to its predecessors. The A1346 model features a hash rate of 110 TH/s and power efficiency of 30J/TH. The A1366 model, on the other hand, is equipped with a hash rate of 130TH/s and power efficiency of 25J/TH. Interested buyers need to fill out a “cooperation consultation” form in order to inquire about purchasing the new A13s.
Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “While the current challenges in the industry persist, the fundamental values and the long-term growth prospects of bitcoin and the supercomputing industry remain strong. We believe that our new generation of products will enable us to better fulfill our mission of supporting the bitcoin ecosystem.”
Founded in April 2013, Nasdaq-listed Canaan’s business is mainly focused on the R&D and the sale of bitcoin mining equipment as well as the R&D of AI chips. In 2013, it released and mass produced its first ASIC Bitcoin mining machine.
In addition to its headquarters in Beijing, Canaan has also set up regional operations in Singapore and other offices in the United States and Kazakhstan. The US, with more friendly policies towards the crypto mining field, became an appealing market after China intensified its crackdown on the industry in May 2021.
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Despite headwinds in the global crypto market, Canaan is continuing its expansion in North America by building warehouses, logistics and repair units, while exploring opportunities to expand mining operations in the region, the CEO said in an August earnings call. Canaan reported second-quarter FY22 revenue growth of 52.8% year-on-year to $246.7 million. Its stock has increased during the last 30 days, jumping 3.86% higher against the US dollar.