Canaan Shares Surge 18% on Record 50,000-Unit Avalon Bitcoin Miner Order in U.S.

Shares of Canaan (NASDAQ: CAN) jumped as much as 18% when U.S. markets opened Thursday after the bitcoin mining hardware maker disclosed its largest purchase order in three years.

The bitcoin mining hardware manufacturer said an undisclosed U.S.-based mining institution has agreed to buy more than 50,000 units of its latest Avalon A15 Pro machines scheduled for delivery in the fourth quarter.

Each A15 Pro delivers a hashrate of 218 TH/s, meaning the order represents more than 10 EH/s of computing power once deployed.

Canaan claims that the scale of the deal underscores renewed institutional appetite for efficient mining infrastructure in the U.S., even as network difficulty and hashprice fluctuations weigh on profitability.

The announcement adds to a string of Avalon deployments this year from Cipher Mining (NASDAQ: CIFR) and CleanSpark, as well as Canaan’s expansion of its proprietary mining capacity with unsold Avalon miners.

While the buyer was not named, the more than 10 EH/s commitment places the deal among the largest single hardware orders in the U.S. market over the past year.