Canaan (CAN.US) announced a large purchase agreement with Cipher Mining (CIFR.US). According to the terms of the agreement, Cipher Mining will purchase 6,600 of Canaan's Avalon Miner A1566 products, which are known for their outstanding computing power and efficiency. The company stated that the first batch of orders is expected to be delivered in the fourth quarter of 2024.

In addition, the agreement also grants Cipher Mining additional purchase options, allowing it to increase its purchase of mining equipment up to 160 megawatts as needed. This option provides Cipher with the flexibility to expand its business to meet its growing business needs.

Cipher CEO Tyler Page commented on the partnership: "To upgrade our data center in Odessa and support our plans to build a new 300 megawatt datacenter in 2025, we have chosen to collaborate with Canaan to purchase bitcoin mining machines. Given the high temperatures and frequent power outages we face in our region, we have high demands for the performance of mining machines. Canaan's products always provide the necessary support during critical periods of company development, helping us overcome the toughest challenges."

This partnership not only highlights Canaan's expertise in high-performance mining machines, but also demonstrates Cipher Mining's ambition and forward-thinking in expanding its bitcoin mining business. Through this strategic purchase, both companies are expected to achieve significant growth and development in the bitcoin mining industry.