The order will be completed in two tranches by the end of September.
Gross margins are expected to be more than 80% based on the current bitcoin price and its network difficulty.
Canaan has begun deploying its latest Avalon Miner units. The firm will also be attempting to expand its business scope and customer base.
The order is to be completed by the end of the month.
The mining equipment maker said total shipments for the second quarter would either maintain or surpass Q1 2021.
The quantitative hedge fund placed heavy bets on Riot, Marathon and Canaan in early 2021.
The Chinese bitcoin miner manufacturer will ship and install A1246 ASIC AvalonMiners for Mawson Infrastructure.
Michael Saylor’s MicroStrategy was up 18.5% in global markets. His firm’s bitcoin proxy stock wasn’t alone in seeing green.
Despite bull-market-driven demand for the company’s bitcoin mining machines, Canaan’s Q4 revenue plummeted due to COVID-related supply chain issues.
Former directors of Canaan Inc. are investing in the Shanghai firm and will help launch its new mining subsidiary.
The board of directors of bitcoin mining manufacturer Canaan approved a buyback program Monday for its lagging shares.
Sources speaking to Chinese media said a dispute at Canaan Creative has led to a power grab by now-Executive Director Nangeng Zhang.
Shares of Canaan Creative, one of the few publicly traded crypto miner manufacturers, fell below $2 Monday, their lowest after going public last year.
The China-based manufacturer had cut the pricing for its bitcoin miners by half during the first three months.
The shortage of new mining machines caused by the coronavirus outbreak could curb computing power growth from Chinese miners who contribute over 65% of Bitcoin’s hash power.