Under the agreement, Canaan Creative Global will supply HIVE with 6,500 Avalon A1566 miners, each offering an average computing power of 185 Terahash per second (TH/s). Canaan and HIVE Digital stocks gained after the update.
The initial delivery of 500 units has already been completed, and these miners are scheduled for immediate installation.
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The remaining 6,000 units will be shipped in monthly batches of 1,500 from December 2024 through March 2025.
The Avalon Miner A1566, part of Canaan’s second-generation 1xJ/T series, delivers enhanced power efficiency and a reliable mining experience. This product reflects Canaan’s focus on ongoing market research and investment in cutting-edge product development.
In the second quarter of 2024, Canaan reported a revenue of $71.86 million, down from $73.85 million a year ago, exceeding analyst consensus expectations of $51.90 million.
HIVE reported first-quarter sales of $32.20 million, up by 36.64%, beating the analyst consensus estimate of $24.32 million.
Cryptocurrency stocks got a boost from Donald Trump’s presidential win, as he had assured a favorable regulatory environment during his election campaigns.
Price Actions: CAN stock is up 17.5% at $1.48 premarket at last check Monday. HIVE is up 15.7%.
Photo: rafapress/Shutterstock.com
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