Bitcoin mining gear producer Canaan (CAN) has secured its largest {hardware} order in three years and offered over 50,000 Avalon A15 Professional Bitcoin miners to US-based mining firms.
The Singapore-based firm plans to ship the machines within the fourth quarter of 2025. The client will not be named, however the measurement of the acquisition factors to the primary mining operation.
“This milestone order represents a significant victory for Canaan and displays a sturdy revival of the US market,” Canaan CEO Nangen Chan mentioned in a press release.
The order additionally retains miners ongoing bets to the business, whilst cryptocurrency mining difficulties rise to a brand new all-time excessive. Canaan shares rose 12% in pre-market buying and selling following the information and practically 18% in yesterday's buying and selling session.
Mutual tariffs utilized to the Chinese language ASIC Miner and Canaan have been operated from China for a lot of its historical past, however these prices could also be prevented. The corporate operates amenities in each the US and Malaysia, and is getting used for separate buy agreements with the crypto mining business.
The corporate didn’t specify which amenities would meet the 50,000 AISC order.
