Stock Track | Canaan Soars Over 40% on Massive Mining Hardware Order from HIVE Digital-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Stock Track | Canaan Soars Over 40% on Massive Mining Hardware Order from HIVE Digital

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Shares of Canaan Inc. (NASDAQ: CAN), a leading provider of high-performance computing solutions, soared by a staggering 40.87% on Monday, November 11, 2024. This surge came after the company's wholly-owned subsidiary, Canaan Creative Global, announced a major purchase agreement with HIVE Digital Technologies Ltd. (NASDAQ: HIVE), a prominent cryptocurrency mining operator.

Under the terms of the deal, Canaan Creative Global will supply HIVE with 6,500 units of its state-of-the-art Avalon A1566 mining machines. Each machine boasts an impressive computing power of 185 Terahash per second (TH/s), making it one of the most powerful mining rigs on the market. The initial batch of 500 units has already been delivered and is scheduled for immediate installation.

The remaining 6,000 units will be shipped in monthly batches of 1,500 from December 2024 through March 2025. Nangeng Zhang, Chairman and CEO of Canaan, expressed his gratitude for HIVE's continued trust in Canaan's mining solutions, highlighting the significance of securing such a substantial order from a long-term client. He praised HIVE's operational efficiency and commitment to transparent and sustainable business practices.

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