Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”), a
vertically integrated Bitcoin mining company, and Canaan Inc.
(NASDAQ: CAN) ("Canaan"), a leading high-performance computing
solutions provider, today jointly announced an agreement whereby
Stronghold has purchased from Canaan 2,000 new, latest-generation
A1346 Bitcoin miners for a total purchase price of approximately $3
million. The miners are expected to be delivered during the third
quarter of 2023 for use at Stronghold’s wholly-owned Panther Creek
Facility. Stronghold has also amended and expanded its existing
hosting agreement with Cantaloupe Digital LLC, a subsidiary of
Canaan, with the addition of 2,000 A1346 miners under the same
terms as those of the previously announced Bitcoin Mining Agreement
dated April 27, 2023.
“We are very excited to expand our relationship with Canaan
through the purchase of the A1346 miners, their most efficient
Bitcoin miners,” said Greg Beard, Chairman and Chief Executive
Officer of Stronghold. “These miners are among our best performers
in our air-cooled StrongBox containers and provide an attractive
value proposition given the combination of high hash rate, energy
efficiency, and price point. The purchase of these miners further
demonstrates our extreme focus on capital efficiency.”
“As we have demonstrated in 2023, we believe that our approach
to acquiring Bitcoin miners is differentiated from our peers. We
are able to fund the purchase of the 2,000 A1346 out of our
currently available cash on hand. Additionally, the expansion of
our hosting agreement allows us to further retain exposure to
Bitcoin mining economics and power upside, consistent with our
vertically integrated business model. This compares favorably
versus our peers that are announcing large miner orders that we
believe will require, in some cases, substantial future equity
offerings,” said Mr. Beard. “Similar to our miner purchases earlier
in the year, we believe that the cash flow uplift from this
expansion will allow us to recover our entire investment in less
than one year based on current hash price, forward power prices,
and 95% assumed miner uptime.”
Nangeng Zhang, Chairman and Chief Executive Officer of Canaan,
commented, “We are delighted to continue and upgrade our existing
collaboration with Stronghold. At Canaan, our focus has always been
on delivering products that embody advanced technology, outstanding
performance, exceptional quality, and high maintainability. Beyond
our products, we are committed to elevating value for our clients
through unparalleled service, striving to maximize their capital
efficiency to the utmost. Our dedication has distinguished us with
world-class service, flexible win-win solutions, and unwavering
long-term support. We are proud of the trust that Stronghold has
placed in our brand, and we sincerely value our continuing
collaboration.”
About Stronghold Digital Mining,
Inc. Stronghold is a vertically integrated Bitcoin mining
company with an emphasis on environmentally beneficial operations.
Stronghold houses its miners at its wholly owned and operated
Scrubgrass Plant and Panther Creek Plant, both of which are
low-cost, environmentally beneficial coal refuse power generation
facilities in Pennsylvania.
About CanaanEstablished in 2013, Canaan Inc.
(NASDAQ: CAN), is a technology company focusing on ASIC
high-performance computing chip design, chip research and
development, computing equipment production, and software services.
Canaan’s vision is “super computing is what we do, social
enrichment is why we do it.” Canaan has extensive experience in
chip design and streamlined production in the ASIC field. In 2013,
under the leadership of Mr. Nangeng Zhang, founder and CEO,
Canaan’s founding team shipped to its customers the world’s first
batch of mining machines incorporating ASIC technology in Bitcoin’s
history under the brand name, Avalon. In 2018, Canaan released the
world's first RISC-V architecture commercial edge AI chip. In 2019,
Canaan completed its initial public offering on the Nasdaq Global
Market. To learn more about Canaan, please visit
https://www.canaan.io/.
Forward Looking Statements of
Stronghold:Certain statements contained in this press
release, including guidance, constitute “forward-looking
statements.” within the meaning of the Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements because they contain words such as “believes,”
“expects,” “may,” “will,” “should,” “seeks,” “approximately,”
“intends,” “plans,” “estimates” or “anticipates” or the negative of
these words and phrases or similar words or phrases which are
predictions of or indicate future events or trends and which do not
relate solely to historical matters. Forward-looking statements and
the business prospects of Stronghold are subject to a number of
risks and uncertainties that may cause Stronghold’s actual results
in future periods to differ materially from the forward-looking
statements. These risks and uncertainties include, among other
things: the hybrid nature of our business model, which is highly
dependent on the price of Bitcoin; our dependence on the level of
demand and financial performance of the crypto asset industry; our
ability to manage growth, business, financial results and results
of operations; uncertainty regarding our evolving business model;
our ability to retain management and key personnel and the
integration of new management; our ability to raise capital to fund
business growth; our ability to maintain sufficient liquidity to
fund operations, growth and acquisitions; our substantial
indebtedness and its effect on our results of operations and our
financial condition; uncertainty regarding the outcomes of any
investigations or proceedings; our ability to enter into purchase
agreements, acquisitions and financing transactions; public health
crises, epidemics, and pandemics such as the coronavirus pandemic;
our ability to procure crypto asset mining equipment, including
from foreign-based suppliers; our ability to maintain our
relationships with our third party brokers and our dependence on
their performance; our ability to procure crypto asset mining
equipment; developments and changes in laws and regulations,
including increased regulation of the crypto asset industry through
legislative action and revised rules and standards applied by The
Financial Crimes Enforcement Network under the authority of the
U.S. Bank Secrecy Act and the Investment Company Act; the future
acceptance and/or widespread use of, and demand for, Bitcoin and
other crypto assets; our ability to respond to price fluctuations
and rapidly changing technology; our ability to operate our coal
refuse power generation facilities as planned; our ability to
remain listed on a stock exchange and maintain an active trading
market; our ability to avail ourselves of tax credits for the
clean-up of coal refuse piles; and legislative or regulatory
changes, and liability under, or any future inability to comply
with, existing or future energy regulations or requirements. More
information on these risks and other potential factors that could
affect our financial results is included in our filings with the
Securities and Exchange Commission, including in the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections of our Annual Report on Form
10-K filed on April 3, 2023. Any forward-looking statement or
guidance speaks only as of the date as of which such statement is
made, and, except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements or
guidance, whether because of new information, future events, or
otherwise.
Safe Harbor Statement of CanaanThis
announcement contains forward−looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward−looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Among other things, the
business outlook and quotations from management in this
announcement, as well as Canaan Inc.'s strategic and operational
plans, contain forward−looking statements. Canaan Inc. may also
make written or oral forward−looking statements in its periodic
reports to the U.S. Securities and Exchange Commission ("SEC") on
Forms 20−F and 6−K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Canaan
Inc.'s beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
Company's goals and strategies; the Company's future business
development, financial condition and results of operations; the
expected growth of the Bitcoin industry and the price of Bitcoin;
the Company's expectations regarding demand for and market
acceptance of its products, especially its Bitcoin mining machines;
the Company's expectations regarding maintaining and strengthening
its relationships with production partners and customers; the
Company's investment plans and strategies, fluctuations in the
Company's quarterly operating results; competition in its industry;
and relevant government policies and regulations relating to the
Company and cryptocurrency. Further information regarding these and
other risks is included in the Company's filings with the SEC,
including its registration statement on Form F−1, as amended, and
its annual reports on Form 20−F, as amended. All information
provided in this press release and in the attachments is as of the
date of this press release, and Canaan Inc. does not undertake any
obligation to update any forward−looking statement, except as
required under applicable law.
Contacts:
Stronghold Digital Mining, Inc. Investor
Contact:Matt Glover or Alex KovtunGateway Group, Inc.
SDIG@gateway-grp.com1-949-574-3860
Media Contact:contact@strongholddigitalmining.com
Canaan Inc.Ms. Xi ZhangIR@canaan-creative.com
Media Contact:ICR, LLC.Robin Yangcanaan.ir@icrinc.com
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