TechFlow news, November 12 — According to The Block, Canaan's Singapore subsidiary, a manufacturer of ASIC mining machines, has signed a purchase agreement with HIVE Digital for Avalon A1566 miners. Following the announcement, Canaan's stock surged by 40%. Under the agreement, Canaan will supply HIVE with 6,500 units of A1566 miners, each delivering 185 TH/s computing power. Among these, 500 units have already been delivered and are scheduled for installation, while the remaining 6,000 units will be delivered in four batches from December 2024 through March 2025.
In addition, HIVE Digital’s 100 MW expansion project in Paraguay has commenced construction and is expected to become operational in the third quarter of 2025, targeting a total computing capacity of 12.5 EH/s with an energy efficiency of 17.6 J/TH for the mining fleet. At the time of reporting, Canaan (CAN) shares rose 38% to $1.74, with a market capitalization of $499 million; HIVE Digital (HIVE) shares increased 17% to $5.44.
