Canaan secures follow-on purchase orders from Cipher and Stronghold

Canaan (CAN) has secured follow-on purchase orders from joint venture entities of Cipher Mining (CIFR) and from Stronghold Digital Mining (SDIG). The orders, which combined involve the purchase of over 17,000 Bitcoin mining machines, build upon Canaan’s existing relationships with Cipher and Stronghold. On December 29, 2023, Cipher entered into an agreement whereby two joint venture entities in which Cipher has a 49% interest purchased from Canaan 16,700 A1466 model mining machines with an average hash rate of 150T/s. These machines are to be delivered in April and May 2024 for use at Cipher’s Bear and Chief data centers, both located in Texas. The 11,000 A1346 model mining machines which were purchased on May 9, 2023 have been delivered and installed at Cipher’s Odessa data center. On December 26, Stronghold entered into an agreement whereby Stronghold has purchased from Canaan 1,100 A1346 model mining machines with an average hash rate of 123T/s. These are to be delivered by January 2024 for use at Stronghold’s Scrubgrass Plant. Additionally, Stronghold has an option to purchase an additional 2,500 A1466 model mining machines with an average hash rate of 140T/s-150T/s. The 2,000 A1346 model mining machines which were purchased on July 27, 2023 have been delivered and installed at Stronghold’s Patha Creek Plant.