06:08 AM EDT, 06/06/2024 (MT Newswires) -- Canaan (CAN) said Thursday that it has signed a large purchase agreement with long-term partner Cipher Mining Technologies (CIFR).

Financial details were not disclosed.

Canaan said that under the terms of the agreement, Cipher Mining ( CIFR ) purchased 6,600 units of Canaan's latest product, the Avalon Miner A1566. The initial order is expected to be delivered in Q4.

Canaan said Cipher has also secured an option to buy additional mining machines with a total capacity of up to 160 megawatts to scale its operations as needed.

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