Canaan shares jump over 25% following 50,000-unit Avalon bitcoin miner order in US
Shares in bitcoin mining hardware manufacturer Canaan jumped over 25% in early market trading on Thursday after the firm announced its largest single order in three years.
CAN/USD price chart. Image: The Block/TradingView.
Canaan said it has secured a purchase order from an unnamed U.S.-based bitcoin miner for more than 50,000 units of its latest-generation Avalon A15 Pro mining machines — scheduled for delivery by the end of the year.
With a hashrate of approximately 218 TH/s per unit, the order translates into over 10 EH/s of total computing power when fully deployed — about 1.4% of the current total Bitcoin network capacity.
"This milestone order represents a significant win for Canaan and reflects the robust resurgence of the U.S. market," Canaan CEO and Chairman Nangeng Zhang said. "It highlights not only the strength of our Avalon A15 Pro but also our deep commitment to serving customers worldwide, with a particular focus on building long-term partnerships in the U.S. market."
The news builds on a wave of Avalon installations this year at competing bitcoin miners Cipher Mining and CleanSpark.
"With a focus on delivering machines that combine quality, performance, and strong return on investment, we remain dedicated to delivering the highest quality mining infrastructure and to supporting our customers' growth with innovation, reliability, and trust," Zhang added.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.