Canaan Inc. announced a new agreement to deliver 3,800 Avalon A1566I miners to Cleanspark Inc., a publicly listed bitcoin mining and energy technology firm.
A New Deal Between Canaan and Cleanspark
According to the announcement, the bitcoin miners, set to run at 249 terahash per second (TH/s) without overclocking, are configured for immersion cooling—a technique involving submerging mining hardware in liquid to supposedly improve performance. The scheduled delivery is for Q4 2024.
Canaan (Nasdaq: CAN) claims the Avalon A1566I aligns with Cleanspark’s (Nasdaq: CLSK) immersion cooling approach, said to boost energy efficiency in its mining operations. Cleanspark has focused on positioning its mining fleet as one of the industry’s most energy-efficient, employing cooling techniques to offset heat-related issues often seen in high-power setups.
Immersion cooling is promoted as a method to enhance both hardware longevity and mining outputs, ostensibly in line with Cleanspark’s goals of maintaining an efficient and strategically located fleet. This deal reflects Canaan’s ongoing efforts to build its presence in North America, where Cleanspark manages several mining facilities.
According to Canaan, the partnership is part of its broader strategy to deepen relationships with regional companies and support Cleanspark’s operational expansion, signaling both companies’ purported interest in sustainable mining practices through tech innovation. Cleanspark’s Avalon miner acquisition will produce 946 petahash per second (PH/s) of SHA256 hashpower.
“Our commitment to supporting the North American mining community is unwavering, and we are excited about the new opportunities this collaboration opens as we expand our regional presence,” Nangeng Zhang, Canaan’s chairman and CEO remarked on Friday.
