Canaan Inc. Launches New Generation of Bitcoin Mining Machines

Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today launched its new generation of high-performance bitcoin mining machine, the Avalon Made A13 ("A13") series.

Powered by advanced ASIC technologies, the new A13 series will include two different models with enhanced computing power and improved power efficiency over its predecessors. Model A1346 features a hash rate of 110 TH/s and a power efficiency of 30J/TH. Model A1366 is equipped with a hash rate of 130TH/s and a power efficiency of 25J/TH.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "The launch of our new generation bitcoin mining machine is a key research and development milestone as we take our pursuit of higher computing power, better power efficiency, superior user experience, and optimal cost effectiveness to a whole new level. We are now working around the clock across the supply chain to prepare for future purchase orders and deliveries of the new products to our clients worldwide. While the current challenges in the industry persist, the fundamental values and the long-term growth prospects of bitcoin and the supercomputing industry remain strong. We believe that our new generation products will enable us to better fulfill our mission of supporting the bitcoin ecosystem by providing superior products, solutions, and services."