BRIEF: Canaan receives major crypto mining machine order

Cryptocurrency mining machine maker Canaan Inc. (CAN.US) said on Thursday it signed a major new order with AGM Group Holdings Inc. for models from its Avalon A15 series. Under the deal, Canaan has agreed to sell 2,000 bitcoin mining machines to AGM, which also has the option to purchase an addition 30,000 machines.

The combined purchases would give AGM up to 300 MW of mining capacity. Canaan did not disclose the value of the deal. But mining machines from its Avalon A15 series typically cost between $2,500 and $4,000 each, which could value the initial deal at about $5 million, based on a purchase price at the bottom of that range.

Canaan shares rose 2.2% in after-hours trade on Thursday after the announcement. The stock is up about 20% this year.

By Doug Young

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