Canaan secured a 4.5‑megawatt contract to supply hydro‑cooled Avalon A1566HA‑488T mining servers to a Japanese utility through an electrical engineering solutions provider. The servers will operate continuously to help the utility balance grid load by controlled over‑clocking and under‑clocking.
The Avalon A1566HA‑488T delivers 480 TH/s at 8.064 kW and is engineered for high‑density computing with low power consumption. Its smart‑control chip enables real‑time adjustments to frequency, voltage, and hash rate, allowing the system to respond to grid fluctuations and maintain optimal efficiency.
Deployment is scheduled to begin by the end of 2025, marking the first large‑scale use of Canaan’s technology in a national grid environment. The contract expands Canaan’s footprint in the Asian market and underscores its strategy of leveraging ASIC design, manufacturing, and self‑mining capabilities for high‑value contracts beyond traditional mining.
In the most recent quarter, Canaan reported revenue of $100.2 million, a gross profit of $9.3 million, and a net loss of $27.1 million. Non‑GAAP adjusted EBITDA was $1.68 million. The company cited strong demand for energy‑efficient mining hardware and growing interest in grid‑interactive solutions as drivers of the contract.
Canaan’s CEO, Nangeng Zhang, said the partnership demonstrates the dual‑use potential of Bitcoin mining hardware as both a computing resource and a grid‑balancing infrastructure. The company has previously supported a similar project in the Netherlands, indicating a growing focus on grid‑interactive solutions.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.