Canaan Inc. (NASDAQ: CAN)
Canaan Inc. (NASDAQ: CAN) is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment. The equipment manufactured by Canaan is sold to many countries, including China, the United States and others. The company has derived a vast majority of its revenue from China, although this may change due to recent Chinese government restrictions on cryptocurrency mining.
Its products include Kanzhi Al and Avalon Mining Machine. Established in 2013, Canaan is a technology company focusing on application-specific integrated circuit (ASIC) high-performance computing chip design, chip research and development, computing equipment production and software services.
The company’s vision statement reads: “Super computing is what we do, social enrichment is why we do it.”
Canaan has 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. The company is based in Beijing.
Technologies and Products
As a leading provider of supercomputing solutions, Canaan is distinguished for superior cost-efficiencies and performance. In addressing the limitations of today’s computing hardware, Canaan strives to advance the world we live in by powering transformative technologies.
Canaan is renowned for having invented the world’s first ASIC-powered bitcoin mining machine in 2013, radically catalyzing the growth of a computationally advanced bitcoin mining sector. Developed through academic research as well as rigorous expertise in semiconductor design, and backed by a robust network of strategic partners, Canaan continues to expand its suite of advanced hardware offerings, exploring opportunities across some of the world’s most exciting emerging technologies.
The K210 is a powerful edge computing chip designed for both visual and semantic recognition and widely used in various applications. With computing power at 1 trillion operations per second, the chip consumes only 0.3 watts (W) of power, while other comparable devices consume 1 W. The K210 chip comes with SRAM and offline database, which allows complete offline data processing and storage on the device.
The AvalonMiner 1246 is a powerful computing device specifically built for mining cryptocurrency. It has both a high hash rate (processing power) and high efficiency. It can produce a maximum of 90 TH/s hash rate with 3.420 KW power consumption. BitcoinSV, LitecoinCash, DGB-SHA, BitcoinCashABC, Peercoin, Bitcoin, and Myriad-SHA tokens are compatible with its SHA-256 hashing algorithm.
A report from Verified Market Research valued the cryptocurrency mining hardware market at $1.49 billion in 2020 and projected it will reach $2.58 billion by 2028, growing at a CAGR of 7.05% for the period.
The report states that the increasing demand for cryptocurrency-specific hardware is the primary factor that will fuel the growth of the global crypto mining equipment market. Vendors in this space like Canaan are making notable investments in research and development to build innovative technologies and modern products.
Nangeng “NG” Zhang is the founder, chairman and CEO of Canaan Inc. While specializing in the field of supercomputing, Mr. Zhang explored the potential of ASIC design, consequently launching the world’s first digital cryptocurrency miner based on ASIC chips and catalyzing the era of ASIC mining.
- Canaan has an order from Genesis Digital Assets for 30,000 units of its Avalon Bitcoin miners scheduled for delivery in Q1 2022.
- The company’s unit in Kazakhstan is expected to start operations following delivery of 2,000 Avalon miners in November 2021.
- Canaan reported net revenues of RMB1.317.6 billion ($204.5 million) for the quarter ended September 30, 2021, marking a 708.2% increase from the same period a year earlier.