Canaan Inc. and Luxor Collaborate to Boost Institutional Miner Financing

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Canaan Inc. and Luxor Collaborate to Boost Institutional Miner Financing

Canaan Inc. (NASDAQ: CAN), a leading innovator in the crypto mining industry, has partnered with Luxor Technology Corporation to enhance institutional miner financing. This collaboration aims to provide flexible financing solutions, facilitating easier acquisition of Avalon® mining machines for institutional customers, according to PR Newswire.

Strategic Sale of Avalon A15 Pro

The partnership has already resulted in the sale of over 5,000 Avalon A15 Pro bitcoin mining machines to a prominent U.S.-based institutional miner. This significant transaction, completed in August, is expected to pave the way for further sales, strengthening Canaan's market position.

Enhancing Mining Efficiency

The Avalon A15 Pro represents Canaan's latest advancement in ASIC technology, designed for maximum efficiency in terms of terahash output per unit of energy consumed. This improvement is crucial for mining economics, as power costs significantly impact profitability. The A15 Pro is thus well-positioned to help institutional miners remain competitive.

Luxor's Contribution to the Partnership

Luxor Technology, known for its mining software and services, including LuxOS and ASIC Trading, plays a critical role in this partnership by offering non-dilutive financing at competitive rates. Matthew Williams, head of financial services at Luxor, highlighted the importance of providing Canaan's customers with diverse financing options to help expand their operations.

Long-term Vision and Market Impact

This collaboration aligns with Canaan's broader strategy of leveraging its vertical integration capabilities, which include ASIC design, manufacturing, and self-mining operations. The partnership with Luxor is expected to contribute to Canaan's long-term value creation and align its business model with Bitcoin's growth trajectory and institutional adoption.

About Canaan Inc. and Luxor Technology

Canaan Inc., established in 2013, is renowned for its high-performance computing chip design and production. The company made history with the world's first ASIC-based mining machines and went public on the Nasdaq Global Market in 2019. Luxor Technology, a Bitcoin mining software company, offers a suite of services tailored to the mining industry, including a financial service desk and a Bitcoin mining data platform.

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