Canaan Inc. Expands Partnership with CleanSpark for Immersion-Cooling Miners

Canaan Inc. (NASDAQ: CAN), a prominent player in the cryptocurrency mining sector, has announced a significant expansion in its partnership with CleanSpark Inc. (NASDAQ: CLSK). The U.S. subsidiary of Canaan has received an order from CleanSpark for additional Avalon A1566I immersion-cooling miners. These miners are known for their efficiency, delivering a hashrate between 249 and 267 terahashes per second (TH/s), without overclocking, according to PR Newswire.

Strengthening the Mining Fleet

The partnership between Canaan and CleanSpark began with an initial order in November 2024, where CleanSpark procured 3,800 Avalon A1566I miners. The latest order marks a continuation of this collaboration, underscoring Canaan’s commitment to providing cutting-edge mining solutions. Nangeng Zhang, chairman and CEO of Canaan, expressed satisfaction in supporting CleanSpark as it expands its state-of-the-art immersion mining operations in Norcross, Georgia. Zhang highlighted the alignment of CleanSpark’s focus on efficiency and uptime with Canaan’s dedication to innovation.

Commitment to Innovation

Canaan is heavily investing in next-generation ASIC technology, particularly targeting the North American market. This strategic focus is intended to empower partners like CleanSpark with advanced mining capabilities, which is reflected in the substantial orders from large public mining companies. The collaboration with CleanSpark is a testament to the strength of Canaan’s products and services and its ongoing commitment to customer success.

About Canaan Inc.

Founded in 2013, Canaan Inc. specializes in ASIC high-performance computing chip design and development, computing equipment production, and software services. The company has been a pioneer in the field, having shipped the first batch of ASIC-based mining machines in bitcoin’s history under the Avalon brand. Canaan went public in 2019, listing on the Nasdaq Global Market.

The expanded deal with CleanSpark not only reinforces Canaan’s position as a leader in the crypto mining industry but also supports CleanSpark’s growth strategy in the evolving bitcoin mining landscape. As the demand for efficient and powerful mining solutions increases, partnerships like this are crucial for the continued development and success of the sector.

Image source: Shutterstock