#Singapore #Canaan Inc. #Bitfury Group #Avalon ASIC

Canaan Inc. and Bitfury Partnership to Boost Mining Infrastructure

Canaan Inc. (NASDAQ: CAN), an innovative leader in the realm of crypto mining, has recently revealed a significant advancement in their collaborative efforts with Bitfury Group, a prominent figure in blockchain technology. This partnership aims to enhance the operational capabilities of Bitfury's North American facilities, focusing on Bitcoin mining efficiency and sustainability.

A New Era in Crypto Mining

On August 28, 2025, Canaan announced it had secured a purchase order from Bitfury for Avalon® ASIC-powered upgrade kits. These kits are set to upgrade up to 10 megawatts (MW) of existing Bitcoin mining capacity at one of Bitfury's facilities. This initiative is critical for optimizing performance and energy efficiency core to modern mining operations.

In a highly collaborative environment, Canaan and Bitfury’s joint efforts spanned several months leading up to this order. Reflecting their commitment to leveraging economically viable and innovative mining solutions, the collaboration aims to explore the potential of North American mining opportunities.

Strengthening Strategic Relationships

Since July 2024, the relationship between Canaan and Bitfury has been characterized by extensive research and development (R&D) cooperation. This latest contract adds to their previous success, where Canaan delivered 4,500 Avalon® A14 series units to bolster Bitfury's mining operations. The new Avalon® ASIC Kit represents a groundbreaking advancement, merging Canaan's cutting-edge ASIC technology with Bitfury's extensive infrastructure expertise.

The deployment strategy involves Bitfury repurposing a vast portion of its existing systems while incorporating these new kits. Such an approach minimizes unnecessary capital expenditure and electronic waste while enhancing operational efficiency. By doing this, they can achieve significant improvements in competitiveness without the need for a complete overhaul of their systems.

Commitment to Sustainable Innovation

Nangeng Zhang, the Chairman and CEO of Canaan Inc., articulated the collaborative spirit between the two companies: "Our collaboration with Bitfury underscores our mutual commitment to responsible mining practices and sustainable innovation. Together, we are laying down the technological groundwork that will empower the future of blockchain and high-performance computing."

Likewise, Val Vavilov, Co-founder and CEO of Bitfury Group, highlighted the importance of this partnership, stating, "In our quest for improved scale, efficiency, and sustainability in our infrastructure, Canaan has proven to be a valuable technology ally in our operations. This partnership showcases how our R&D capabilities can harmonize with Canaan's performance-oriented products to fuel significant advancements in our field."

The Future of Mining Operations

As the landscape of the mining sector continues to evolve, strategies maximizing infrastructure reuse and efficient energy consumption are paramount, especially for environmentally conscious operations. By collaborating with industry leaders like Bitfury, Canaan remains committed to supporting decentralized innovations that prioritize sustainability, reliability, and overall performance.

Both companies anticipate further upgrades and opportunities for innovation in North America and potentially on a global scale. This partnership indicates that as crypto mining evolves, the need for responsible solutions will drive the industry's future forward.

About Canaan Inc.

Founded in 2013, Canaan Inc. stands out as a technology company specializing in the design of ASIC high-performance computing chips, alongside the development of mining equipment and software services. Canaan is recognized for launching the world's first batch of mining machines leveraging ASIC technology under the Avalon brand. Their public listing on the Nasdaq Global Market was completed in 2019, highlighting their growth and impact in the sector.

About Bitfury Group

Bitfury Group has established itself as a leading full-service blockchain technology company since 2011. Initially recognized for its early contributions in Bitcoin mining, Bitfury has since expanded into a comprehensive suite of products and services addressing the challenges within the Web 3.0 ecosystem. Their innovative approach emphasizes the safety, sustainability, and practical utility of digital assets across various sectors.

Both Canaan and Bitfury are poised to shape the future of blockchain technology and mining.