Canaan Creative

Canaan Creative CO., LTD
Private company
Industry Consumer electronics
Computer hardware
Founded 2013 (2013)
Founder N.G. Zhang
Headquarters Haidian District, Beijing, China
Area served
 Selected markets
Key people
 N.G. Zhang
Products Computer Processors
Computer Hardware
Number of employees
 Approximately 100
Website Canaan Global
Canaan Mainland China

Canaan Creative, known simply as Canaan, is an computer hardware manufacturer based in Beijing, China. It produces application-specific integrated circuits (ASICs) for use in bitcoin mining.

Founded by N.G. Zhang in 2013,[1] Canaan invented the first Bitcoin-specific ASICs.[2] Canaan is known for using open source software in its products.[3]

As of September 2018 Canaan was the world’s second-largest mining hardware manufacturer.[4] On May 15, 2018, Canaan filed for an IPO on the Hong Kong Stock Exchange, seeking to raise US $1 billion.[5]

Pre-Canaan History

In 2010, while still pursuing a Ph.D. degree in electrical engineering, Ngzhang discovered Bitcoin. In November 2011, Ngzhang announced on Bitcointalk the world's first dedicated bitcoin mining hardware named "Icarus" using FPGA technology.[6]

The follow-up product came in May 2012 with the second FPGA-based design, the Lancelot.[7]

In 2012, upon the release of Icarus, the Bitcoin community and industry gave much attention to the project. Then Ngzhang founded the Avalon Project as the brand to launch bitcoin mining hardware and Avalon ASIC semiconductors. And, because the software around the chips is open source, many engineers joined the project.[8]

Pre-Canaan Pre-Avalon FPGA Miners

NameRelease DateH/sWattVoltageConnectionPictures
Icarus[6] 2011-11360M19.212USB
Lancelot[7] 2012-5400M2612USB

Avalon Product Line History

Avalon is a Canaan Creative brand and product line offering both bitcoin mining machines and semiconductor chips under the same name. The project was originally created by Zhang Ng, known also as "ngzhang".

By January 2013, the Avalon Project successfully developed the world's first dedicated bitcoin mining ASIC chip, the Avalon1 A3256. A month later, Avalon announced a product, the Avalon1 3module which used the Avalon1 A3256 chip. The Avalon1 had the equivalent SHA-256 algorithm calculating power as the most powerful graphics card at the time, AMD's HD5970[9] Test's performed showed that the chip was 110 times more powerful than the previous FPGA calculating power. This also meant that use of graphics card "GPU" bitcoin mining had also been surpassed with the Avalon1.

In August 2013, the Avalon Project launched its second generation of dedicated bitcoin mining ASIC chips, the Avalon2 A3255. Soon after, the "Avalon2 Single" hardware product using a single Avalon2 A3255 chip, was released. Unlike past machines, the Avalon2 does not operate in standalone mode. During the design of the Avalon2, a bottleneck in mining performance was realized with standalone-only design. Therefore, the Avalon2 also is operated with an external controller so multiple Avalon2 Single units can be operated in parallel to reduce peripheral costs. The mining power in Bitcoin shifted from single user's running individual mining machines to running Bitcoin mining farms.

In April 2014, the Avalon Project launched the third generation dedicated bitcoin mining chip the Avalon3 A3233 after 1 year and 3 months from its predecessor. In that time, the Bitcoin industry grew around the world. The Avalon Project also launched the Bitcoin hardware product, the Avalon3 using the Avalon3 A3233 ASIC chip and an open source Web-based management software called AMS (Avalon Management System).[2]

In August 2014, Avalon released the Avalon nano with a single A3233 chip on a small unit one can simply plug into a USB port for power and mining.

By September 2014, the Avalon Project entered advanced IC (Integrated circuit) design by releasing the Avalon3 A3222 chip using a 28 nm ASIC chip manufacturing process.

In October 2014, the Avalon4.0 mining hardware was released using 40 Avalon A3222 chips to bring 1T or 1 Terahashes per second SHA-256 Hashing power.

The latest hardware release came in October 2015 is the Avalon6 which uses 80 updated A3218 Avalon Avalon ASIC chips to achieve a 3.5T hashrate.

ASIC Processors

ASICRelease DateProcessHSVoltageWatt/GHsPackingPictures
A3256[10] 2013-1110 nm295MH@375 MHz1.15V6.6QFN48 - 7X7, 0.5mm pitch
A3255[11][12] 2013-855 nm1.5GH@750 MHz0.8V-1.0V1.6 - 2.45QFN48 - 7X7, 0.5mm pitch
A3233[2][13] 2014-440 nm7.08GH@600 MHz0.55-0.85V0.75 - 0.99QFN48 - 7X7, 0.5mm pitch
A3222[14][15][16][17] 2014-928 nm25GH@400 MHz0.65V-0.8V0.4 - 0.6QFN56 - 8X8, 0.5mm pitch
A3218 2015-928 nm47.5GH@500 MHz0.6V-0.7V0.28 - 0.29FCLGA - 8X8
A3212 2016-916 nm83GH@Auto MHz0.4V-0.5V0.12 - 0.13FCLGA - 8X8

Avalon Miners

NameRelease DateASICH/sWattVoltageConnectionStandalonePictures
Avalon1 3module[18][19][20] 2013-1A325672G600100 - 240USBYes
Avalon1 4module[21][22] 2013-6A325690G - 110G750100 - 240USBYes
Avalon1 mini[23][24][25] 2013-7A325660G595100 - 240USBYes
Avalon2 single[26] 2013-10A3255105G - 115G340 - 385100 - 240USBNo
Avalon3 single[27][28] 2014-5A3233295G - 325G342 - 410100 - 240IICNo
Avalon3 3module 2014-6A3233710G - 970G668 - 1235100 - 240IICNo
Avalon nano[29][30] 2014-8A32331G - 3.6G1 - 65USBNo
Avalon4.0 - 1T[31][32][33][34] 2014-10A3222800G - 1T419 - 600100 - 240IICNo
Avalon4.1 - 1.3T[35][36] 2015-1A3222800G - 1.3T419 - 990100 - 240IICNo
Avalon4 mini[37] 2015-7A322230G - 78G12 - 32.412USBNo
Avalon nano2[37] 2015-8A32331G - 4G1 - 65USBNo
Avalon6 V6.0 2015-10A32183.5T±5%1050100-240IICNo
AvalonMiner 721 2016-10A32126T -5% ~ +10%900 -5% ~ +15%100-240IICNo
AvalonMiner 741[3] 2016-12A32127.3T -5% ~ + 15%1150 +0% ~ +15%100-240IICNo
AvalonMiner 821 2017-12A321011T -5% ~ + 15%1200 +0% ~ +15%100-240IICNo
AvalonMiner 841 2018-3A3210HP13T -5% ~ + 15%1290 +0% ~ +15%100-240IICNo

KPU

Canaan's recently announced investment is to be used towards the development of the Knowledge Processing Unit, or KPU. Canaan's Head of Sales and Marketing, Steven Mosher stated:

[T]he company believes AI will provide the most fertile ground for the Canaan's expansion, and he projected that the returns could be "as good as" the company's earnings from mining chip sales. Further, he suggested that given the interest in intersections between the two industries there could be "synergy down the road".[38]

Datacenter in Sweden

In February 2017 Canaan announced a 10 megawatt datacenter in Boden, Sweden.[39][40][41][42][43][44][44]

Acquisition history

The company attempted a reverse acquisition for $466 Millions USD by Shandong Luyitong (LYT), publicly traded company on the Shenzhen stock market.[45][46] After the acquisition, Canaan Creative would have been a wholly owned sudsidiary at that point.[47][48]

Public reports stated that, "Luyitong [would have] paid roughly ¥1bn (approximately $152m) in cash, and issued 81 million shares at an average price per share of ¥24.57 ($3.74), representing an additional ¥1.99bn (roughly $303m)."[48][49][50][51] Reports say that Canaan's "strong sales projections fueled the valuation, and that it anticipated a net profit of $27m for 2016, with expectations of $39m and $53m in 2017 and 2018, respectively."[49]

The attempted deal was an investment in Canaan's future as noted by founder, N.G. Zhang's statement, "This acquisition and investment provides us the necessary resources and autonomy to make even better products and innovations that our customers expect."[50][52]

However, in the end, the deal did not happen as noted by Coindesk. "While Canaan spent time and resources pulling together this deal, those efforts are not wasted. They are contributions to our future. Internally Canaan strengthened its management structure, refreshed our public image, and have our product pipelines flowing to deliver solid reliable and efficient bitcoin technology solutions worldwide," said N.G. Zhang, Canaan's CEO.[53]

See also

References

  1. ↑ "About Canaan Creative". Canaan Official About Page. 2016-06-20. Retrieved 2016-06-20.
  2. 1 2 3 "Avalon ASIC's 40nm Chip to Bring Hashing Boost for Less Power". Coindesk. 2014-03-14. Retrieved 2016-06-20.
  3. 1 2 Fargo, Scott (2017-04-22). "Why We're Impressed With Canaan Creative's Avalon 741 Bitcoin ASIC Miner". Why We’re Impressed With Canaan Creative’s Avalon 741 Bitcoin ASIC Miner. Retrieved 2017-05-13.
  4. ↑ Hu, Bailey (2018-09-27). "Bitmain files for IPO in Hong Kong". TechNode. Retrieved 2018-09-27.
  5. ↑ Zhao, Wolfie (2018-05-21). "Why We're Impressed With Canaan Creative's Avalon 741 Bitcoin ASIC Miner". Bitcoin Miner Maker Canaan Files for Hong Kong IPO. Retrieved 2018-08-13.
  6. 1 2 "Icarus". Qi Hardware Wiki. 2012-01-02. Retrieved 2016-06-20.
  7. 1 2 "Icarus". Qi Hardware Wiki. 2012-04-09. Retrieved 2016-06-20.
  8. ↑ Zhang, N.G. (2012-09-17). ""Avalon" ASIC, announcement & pre-order. pre-order over. project started". Bitcointalk forum. Retrieved 2016-06-20.
  9. ↑ "AMD 5970". AMD Website. 2016-06-20. Retrieved 2016-06-20.
  10. ↑ "Avalon ASIC miner review".
  11. ↑ "DIY bitcoin miner for Avalon A3255-Q48 chips - Page 1".
  12. ↑ "【深圳雨版ccbmc】全球首批avalon2（A3255）小批量到货，当然又是全球第一批！".
  13. ↑ "FREE Avalon ASIC chips!".
  14. ↑ https://bitcointa.lk/threads/avalon4-a3222-28nm-25ghs-0-6w-g-sample-chips-available-here-ehash-com.368541/
  15. ↑ "Avalon4 with global shipping can be purchased here!".
  16. ↑ Team, Discuz! Team and Comsenz UI. "Avalon四代芯片A3222通过了初步的功能测试 - 比特币新闻 - 比特范 - Powered by Discuz!".
  17. ↑ "阿瓦隆Avalon第四代芯片A3222正式发售_玩币族".
  18. ↑ "[WTS] AVALON ASIC batch 1 currently on-hand; immediate availability!".
  19. ↑ "[Avalon ASIC] Batch #2 pre-Sale Thread".
  20. ↑ "[WTS] Avalon batch2, unopened, unused. Offers = 150 BTC".
  21. ↑ Coinosphere (25 March 2013). "Avalon Batch 3 News".
  22. ↑ "Avalon ASIC Batch #3 sold out! • r/Bitcoin".
  23. ↑ "Avalon Overclocking Thread - Share Your Results and Tips for others".
  24. ↑ "Avalon Mini 60GH/s Miner for sale".
  25. ↑ Eyeboot (2013-10-24), How to setup Avalon 60gh Mini Rig, retrieved 2018-09-12
  26. ↑ "[Guide] Dogie's Comprehensive Avalon Avalon2 Setup [HD]".
  27. ↑ "[Guide] Dogie's Comprehensive Avalon Avalon3 Setup [HD]".
  28. ↑ fuckthe9 (18 June 2014). "Avalon 3 Deployment Course" – via YouTube.
  29. ↑ "Avalon Nano - Stick Mining Fun!".
  30. ↑ Team, Discuz! Team and Comsenz UI. "Avalon Nano矿机评测（图文教程） - 比特币挖矿".
  31. ↑ "[Guide] Dogie's Comprehensive Avalon Avalon4 Setup [HD]".
  32. ↑ Team, Discuz! Team and Comsenz UI. "Avalon4 28nm Bitcoin Miner Evaluation by Cybtc - EVALUATION Cybtc".
  33. ↑ "Avalon4 1T Evaluation".
  34. ↑ Team, Discuz! Team and Comsenz UI. "阿瓦隆4比特币矿机1T单模组彩云评测-比特币矿机评测-彩云比特".
  35. ↑ "[Review] Avalon 4.1 Miner- Summer Mining - Notlist3d".
  36. ↑ 韩有为 (14 April 2015). "Avalon4.1 - 1.3T" – via YouTube.
  37. 1 2 "Avalon ASIC users thread".
  38. ↑ Rizzo, Pete (2017-05-10). "Bitcoin Miner Canaan Raises $43 Million for Blockchain, AI Push". Coindesk. coindesk. Retrieved 2017-05-13.
  39. ↑ "Canaan Opens 10 Megawatt Datacenter in Sweden". Canaan. Canaan.io. 2017-02-10. Retrieved 2017-05-14.
  40. ↑ "Canaan Datacenter". Canaan. Canaan.io. 2017-02-10. Retrieved 2017-05-14.
  41. ↑ "Canaan Creative Opens First Data Center Outside China in Boden Node Pole". Canaan. Canaan.io. 2017-02-09. Retrieved 2017-05-14.
  42. ↑ "Chinese Canaan to Boden". Boden Business Agency. Boden Business Agency. 2017-02-09. Retrieved 2017-05-14.
  43. ↑ "Chinese High Tech Datacenter Chooses Vatenfall". Vatenfall. Vatenfall. 2017-02-09. Retrieved 2017-05-14.
  44. 1 2 "Chinese Bitcoin Mining Firm Canaan to Open 10 MW Facility at Node Pole Sweden". Cryptocoinnews. Cryptocoinnews. 2017-02-09. Retrieved 2017-05-14.
  45. ↑ "Shanghai Luyitong Public Trading Symbol". Sina Finance. 2016-06-20. Retrieved 2016-06-20.
  46. ↑ "Shandong Luyitong Intelligent Electric Plc". Bloomberg. 2016-06-20. Retrieved 2016-06-20.
  47. ↑ Higgins, Stan (2016-06-08). "Maker of First Bitcoin Mining ASIC Acquired in What Could Be Industry's Largest Sale". Coindesk News. Retrieved 2016-06-20.
  48. 1 2 Mizrahi, Avi (2016-06-09). "Chinese Bitcoin Mining Developer Canaan Acquired for ¥3 Billion". NEWSBTC. Retrieved 2016-06-20.
  49. 1 2 Higgins, Stan (2016-06-09). "New Details Emerge on Bitcoin Firm Avalon's $466 Million Pending Sale". Coindesk News. Retrieved 2016-06-20.
  50. 1 2 Das, Samburaj (2016-06-10). "Chinese Bitcoin Mining Firm Canaan Acquired for $422 Million". Coindesk News. Retrieved 2016-06-20.
  51. ↑ Buntix, JP (2016-06-09). "Chinese Bitcoin Mining Company Canaan Sold for $466m". NEWSBTC. Retrieved 2016-06-20.
  52. ↑ Zhang, N.G. (2016-06-09). "Hello World! We are Canaan". Canaan Creative Blog. Retrieved 2016-06-20.
  53. ↑ Higgins, Stan (2016-09-26). "Regulators Block Sale of Bitcoin Miner Avalon". Coindesk. Retrieved 2017-05-26.
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