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SINGAPORE - Canaan Inc. (NASDAQ:CAN) announced Thursday that its U.S. subsidiary has received a purchase order from CleanSpark Inc. (NASDAQ:CLSK) for additional Avalon A1566I immersion-cooling bitcoin miners. The company, currently trading at $0.65, has seen its stock decline 68% over the past six months, though InvestingPro analysis suggests the stock is currently undervalued based on its Fair Value model.
The miners deliver hashrates between 249 and 267 terahashes per second without overclocking, according to the company’s press release statement.
This order follows CleanSpark’s initial purchase of 3,800 Avalon A1566I miners with an average hashrate of 249 TH/s in November 2024. The new miners will support CleanSpark’s immersion mining operations in Norcross, Georgia.
"Following CleanSpark’s initial order in November, we are pleased to continue supporting this cutting-edge company as it scales its state-of-the-art immersion mining fleet," said Nangeng Zhang, chairman and CEO of Canaan.
The press release did not specify the quantity or value of the new order.
Canaan, established in 2013 and listed on Nasdaq in 2019, focuses on ASIC high-performance computing chip design and cryptocurrency mining equipment production. The company claims to have delivered the first batch of ASIC-based bitcoin mining machines under the Avalon brand in 2013. With a market capitalization of $301 million and projected sales growth for the current year, detailed analysis of Canaan’s prospects is available in the comprehensive Pro Research Report on InvestingPro, along with 12 additional key insights about the company’s performance.
CleanSpark operates bitcoin mining facilities across the United States and has been expanding its operations with a focus on efficiency and uptime.
The transaction represents continued business activity in the bitcoin mining sector as companies upgrade and expand their mining capabilities ahead of the next bitcoin halving event.
In other recent news, Canaan Inc. announced it will discontinue its AI semiconductor business to focus on its core operations in bitcoin mining and related products. The decision is part of a strategic realignment to enhance capital efficiency, as the AI unit contributed minimally to revenue but accounted for a significant portion of operating expenses. Additionally, Canaan mined 88 bitcoins in June 2025, facing production challenges due to weather-related disruptions in Texas and electricity restrictions in Ethiopia. The company also reported holding a record 1,484 bitcoins as part of its long-term reserve strategy. In a significant business development, Canaan signed an agreement to supply 6,840 bitcoin miners to Cipher Mining for delivery in the third quarter of 2025. The miners will be produced in the U.S. and Malaysia, marking a major step in supporting domestic manufacturing for U.S.-based clients. Furthermore, an institutional investor completed the sale of converted Canaan shares, leading to the termination of a planned $200 million financing agreement. Canaan has also adopted a policy to hold bitcoin as its primary reserve asset, retaining mined bitcoins long-term unless needed for liquidity or risk management.
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