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Canaan Inc. to Produce A15Pro Miners for Cipher Mining

Order is to be fulfilled by U.S. and Malaysian facilities
Expected to bolster hashrate at Cipher’s Black Pearl facility

Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, announced that its U.S. subsidiary has entered into a purchase agreement with Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher”) to supply approximately 6,840 Avalon A15Pro miners to Cipher’s Black Pearl facility in the third quarter of 2025. The units will be fulfilled by Canaan’s U.S. and Malaysian facilities.

This agreement marks Canaan’s first major initiative to offer large-scale domestic manufacturing support for U.S.-based bitcoin mining customers, underscoring growing demand amid bitcoin’s renewed momentum and the unlocking of additional power sources. The Company’s regionally adaptive logistics and customer fulfillment strategies continue to play a critical role in its global growth.

“As the price of bitcoin reaches new all-time highs, we’re seeing a notable uptick in demand from our global customers,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “As customers adapt to tariff pressures, buyers are reassessing their supply chain strategies. Rapid deployment, return on investment, and reliability have once again become key priorities. Backed by manufacturing advantages, we have built a strong reputation, an expanding market presence, and solid delivery capabilities on both sides of the Pacific.

“Our growing partnership with Cipher highlights their trust in Canaan’s ability to deliver high-performance, reliable bitcoin mining solutions at scale. This purchase marks their fourth order, demonstrating a strong vote of confidence in our technology and team. We’re proud to support Cipher’s leadership and innovation in the mining space and are grateful for their continued partnership.”

Cipher secured the Avalon A15Pro miners through the exercise of an option announced in June 2024. Each unit delivers an average hash rate of 221 terahashes per second (TH/s) with a power efficiency of approximately 16.6 joules per terahash (J/TH). The miners are expected to be deployed at Cipher’s Black Pearl facility, contributing to a meaningful and rapid increase in the site’s overall operational hashrate.