Canaan secures substantial order for 17,352 bitcoin mining machines from Mawson

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BEIJING, Aug. 13, 2021 / PRNewswire / – Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading provider of high-performance computing solutions, today announced that it has received from Mawson Infrastructure Group Inc. (OTCQB: MIGI) (“Mawson”) a purchase order (the “Order”) for 17,352 bitcoin mining machines with an aggregate operational hash power of 1.5EH. Under the terms of the Order, the Company will deliver the latest generations of its Avalon A1166 and A1246 bitcoin mining machines to Mawson’s operations in the United States and Australia in 2021 and 2022.

The order builds on Mawson’s previous order placed earlier this year for 11,760 of the company’s A1246 bitcoin mining machines with an overall operational hash power of 1.05 EH.

Based in Sydney, Australia, Mawson is a global digital infrastructure provider with diversified operations in cryptocurrency mining and digital asset management. Mawson currently conducts its bitcoin mining operations in the United States and Australia.

Mr. Nangeng Zhang, Chairman and CEO of Canaan, said, “We are delighted to further enhance our partnership with Mawson. With powerful computing performance, we bring our next-generation mining solutions to a growing cohort of renowned international miners. Meanwhile, by strengthening our supply chain management, we have also secured our production capacity and ensured the prompt delivery of our products to support our customers in their mining capacity expansions. In the future, we will remain focused on our growth strategies for advancement abroad, R&D investment and supply chain culture to increase the sustainability of our business development. “

About Canaan Inc.

Founded in 2013, Canaan (NASDAQ: CAN) is a technology company specializing in ASIC high performance computer chip design, chip research and development, computer equipment production and software services. The company’s vision is “super computing is what we do, social enrichment is our raison d’être”. Canaan has rich experience in chip design and streamlined production in ASIC field. In 2013, he released and mass produced his first ASIC Bitcoin mining machine. In 2018, Canaan launched the world’s first 7nm ASIC chip, providing energy-efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan launched the world’s first advanced artificial intelligence chip with RISC-V architecture, further harnessing the potential of ASIC technology in high performance computing and artificial intelligence.

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Safe Harbor Declaration

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” “,” The future “,” the intention of, “” plans “,” believes “,” estimates “and similar statements. Among other things, the business outlook and management quotes in this announcement, as well as the Canaan Inc.’s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (“SEC”) on Forms 20F and 6K, in its annual report to shareholders, in press releases and other written materials and in statements made by its officers, directors or employees to third parties. These are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including, but not limited to, the following: the objectives and strategies of the Company; the future business development of the Company, its financial position and its results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Company’s expectations regarding the demand and market acceptance of its products, in particular its Bitcoin mining equipment; the Company’s expectations regarding the maintenance and strengthening of its relationships with its production partners and customers; the Company’s investment plans and strategies; fluctuations in the Company’s quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and the cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F1, as amended, and its annual reports on Form 20F. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. assumes no obligation to update any forward-looking statement, except as required by applicable law.

Investor Relations Contact

Canaan Inc. Shake LiEmail: [email protected]

ICR Inc. Robin Yang Tel: +1 (347) 396-3281 Email: [email protected]

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SOURCE Canaan Inc.

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