Canaan Inc. Launches New Generation of Bitcoin Miners

– Unveiling Two models of Avalon made A13 Series –

BEIJING, 24 October 2022 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading provider of high-performance computing solutions, today launched its new generation of high-performance services bitcoin mining machine, the Avalon made the A13 (“A13”) series.

Powered by advanced ASIC technologies, the new A13 series will include two different models with improved computing power and improved power efficiency compared to their predecessors. Model A1346 has a hash rate of 110 TH/s and a power efficiency of 30 J/TH. Model A1366 is equipped with a hash rate of 130TH/s and a power efficiency of 25J/TH.

Mr. Nangeng Zhang, Chairman and CEO of Canaan, commented: “The launch of our new generation bitcoin mining machine is an important milestone in research and development as we take our pursuit of higher computing power, better power efficiency, superior user experience and optimal cost efficiency to a whole new level. We are now working around the clock across the supply chain to prepare future purchase orders and deliveries of the new products to our customers worldwide. While today’s challenges in the industry persist, the fundamental values ​​and the long-term growth prospects remain bitcoin and the supercomputer industry is still going strong. We believe that our new generation of products will enable us to better fulfill our mission to support bitcoin ecosystem by offering superior products, solutions and services.”

About Canaan Inc.

Established in 2013, Canaan (NASDAQ: CAN), is a technology company focused on ASIC high-performance computer chip design, chip research and development, computer equipment manufacturing and software services. The company’s vision is “supercomputing is what we do, social enrichment is why we do it.” Canaan has a wealth of experience in chip design and streamlined manufacturing in the ASIC field. In 2013, it released and mass-produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world’s first 7nm ASIC chip, providing energy-efficient computing equipment cryptocurrency mining industry. In the same year, Canaan released the world’s first commercial AI chip with RISC-V architecture, which further exploits the potential of ASIC technology in high-performance computing and artificial intelligence.

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Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expect”, “anticipate”, “future”, “intend” , “plans”, “believes”, “estimates” and similar statements. Among other things, the business outlook and quotes 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 US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to stockholders, in press releases and other written materials and oral statements by its managers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, 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 objectives and strategies; the company’s future business development, financial condition and operating results; the expected growth of Bitcoin industry and the price of Bitcoin; the company’s expectations of demand for and market acceptance of its products, particularly its Bitcoin mining machinery; the company’s expectations of maintaining and strengthening relationships with manufacturing partners and customers; the company’s investment plans and strategies, fluctuations in the company’s quarterly operating results; competition in its industry i China; and relevant public guidelines and regulations relating to the company and cryptocurrency. Additional information about these and other risks is included in the company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F, as amended. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. undertakes no obligation to update any forward-looking statement, except as required by applicable law.

Investor Relations Contact

Canaan Inc.
Mrs. Xi Zhang
Email: [email protected]

ICR, LLC.
Robin Yang
Phone: +1 (347) 396-3281
Email: [email protected]

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SOURCE Canaan Inc.