Canaan Lands Record 50,000-Rig Bitcoin Mining Deal with US Company
Canaan, a leading Chinese Bitcoin mining hardware manufacturer, has secured a significant contract. A US-based company, later revealed to be Stronghold Digital Mining, has agreed to purchase 50,000 mining rigs. The deal, set to ship in Q4 2025, is Canaan's largest in over three years. The unnamed buyer initially sparked a 26% surge in Canaan's shares. This confidence in the Bitcoin mining sector comes despite record-high mining difficulty. The US company, now identified as Stronghold Digital Mining, has further boosted Canaan's stock, which has risen by 50% over the past six months. However, it remains down 40% year-to-date. The Avalon A15 Pro miners, part of the deal, are expected to strengthen the buyer's mining capabilities. Canaan's 50,000-rig contract with Stronghold Digital Mining signals growing interest in Bitcoin mining, despite challenges. The deal is a substantial boost for Canaan, with the company's shares reacting positively to the news.
