Canaan (NASDAQ: CAN), a leading computing solutions provider, today announced the launch of its new generation of high-performance bitcoin mining machine. Powered by advanced ASIC technologies, the new Avalon Made A13 (“A13”) series will include two different models with enhanced computing power and improved power efficiency over its predecessors. “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,” said Nangeng Zhang, chairman and CEO of Canaan. “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.”

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About Canaan Inc.

Established in 2013, Canaan is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The company’s vision is “super computing is what we do, social enrichment is why we do it.” Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC bitcoin mining machine. In 2018, Canaan released the world’s first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world’s first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.

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