Canaan Creative

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Canaan Creative CO., LTD
Private company
IndustryConsumer electronics
Computer hardware
Founded2013; 6 years ago (2013)
FounderN.G. Zhang, Chen Min
Area served
Selected markets
Key people
N.G. Zhang, Chen Min
ProductsComputer Processors
Computer Hardware
Number of employees
Approximately 100
WebsiteCanaan Global

Canaan Creative, known simply as Canaan, is a 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]

As of September 2018 Canaan's chip architect and former CTO, Chen Min, launched a new company called Linzhi to create a new line of Ethereum miners with a code name of Lavasnow which mine Ethereum at 1,400 million hashes per second.[6][7]

As of October 2018 In October 2018, Canaan announced its newest miner, the 911 which reportedly has performance of 18 Terahash per second and the power consumption of 1440 Watts.[8] This is the second miner in the 9 series behind the 921 which is also powered by Canaan's 7 nm process ASIC chips says Canaan representatives.

As of November 2018 In November 2018, Canaan allowed its Hong Kong Stock Exchange filing for $1 Billion USD to lapse and expire.[9]

As of December 2018 In December 2018, Canaan reportedly raised 'hundreds of millions of dollars'.[10]

As of January 2019 In January 2019, reports surfaced that Canaan is currently considering an IPO in the United States.[11][12]

As of February 2019 In February 2019, according to documents filed, Canaan Co-founder and board member since 2013, Xiangfu Liu is no longer a board member of Canaan Creative and stepped away from his day-to-day role at the company due to "disagreements" over the companies strategy.[13]

As of March 2019 In March 2019, Canaan Co-founder, Xiangfu Liu released "open source" plans for the Bitcoin Miner Canaan A851 and earliest miner the FPGA Miner, Icarus, along with other design files.[14][15]

Pre-Canaan History[edit]

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.[16]

The follow-up product came in May 2012 with the second FPGA-based design, the Lancelot.[17]

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.[18]

Pre-Canaan Pre-Avalon FPGA Miners[edit]

Name Release Date H/s Watt Voltage Connection Pictures
Icarus[16] 2011-11 360M 19.2 12 USB Icarus Bitcoin Mining rig.jpg
Lancelot[17] 2012-5 400M 26 12 USB Lancelot, FPGA bitcoin mining device designed by ngzhang.jpg

Avalon Product Line History[edit]

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[19] 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 a 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 a 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 hash rate.

ASIC Processors[edit]

ASIC Release Date Process HS Voltage Watt/GHs Packing Pictures
A3256[20] 2013-1 110 nm 295MH@375 MHz 1.15V 6.6 QFN48 - 7X7, 0.5mm pitch Avalon ASIC A3256 chip.png
A3255[21][22] 2013-8 55 nm 1.5GH@750 MHz 0.8V-1.0V 1.6 - 2.45 QFN48 - 7X7, 0.5mm pitch Avalon ASIC A3255.png
A3233[2][23] 2014-4 40 nm 7.08GH@600 MHz 0.55-0.85V 0.75 - 0.99 QFN48 - 7X7, 0.5mm pitch Avalon ASIC A3233.jpg
A3222[24][25][26][27] 2014-9 28 nm 25GH@400 MHz 0.65V-0.8V 0.4 - 0.6 QFN56 - 8X8, 0.5mm pitch Avalon ASIC A3222.png
A3218 2015-9 28 nm 47.5GH@500 MHz 0.6V-0.7V 0.28 - 0.29 FCLGA - 8X8 Avalon ASIC A3218.jpg
A3212 2016-9 16 nm 83GH@Auto MHz 0.4V-0.5V 0.12 - 0.13 FCLGA - 8X8 Avalon ASIC A3212.jpg
A3210HP 16nm 0.095


A3210M 16nm 0.090 - 0.100


A3206 2018-8 7nm 0.089
A3205 2019-3 16nm 0.056


Avalon Miners[edit]

Name Release Date ASIC ASIC Amount H/s Watt Voltage Connection Pictures
Avalon1 3module[28][29][30] 2013-1 A3256 72G 600 100 - 240Vac USB Avalon1 3module.jpg
Avalon1 4module[31][32] 2013-6 A3256 90G - 110G 750 100 - 240Vac USB Avalon1 4module.jpeg
Avalon1 mini[33][34][35] 2013-7 A3256 60G 595 100 - 240Vac USB Avalon1 mini.jpg
Avalon2 single[36] 2013-10 A3255 105G - 115G 340 - 385 12Vdc USB Avalon2 single.jpg
Avalon3 single[37][38] 2014-5 A3233 295G - 325G 342 - 410 12Vdc IIC Avalon3 single.jpg
Avalon3 3module 2014-6 A3233 710G - 970G 668 - 1235 12Vdc IIC Avalon3 3module.jpg
Avalon nano[39][40] 2014-8 A3233 1G - 3.6G 1 - 6 5Vdc USB Avalon nano.JPG
Avalon4.0 - 1T[41][42][43][44] 2014-10 A3222 800G - 1T 419 - 600 12Vdc IIC Avalon4.0 - 1T.jpg
Avalon4.1 - 1.3T[45][46] 2015-1 A3222 800G - 1.3T 419 - 990 12Vdc IIC Avalon4.1 - 1.3T.jpg
Avalon4 mini[47] 2015-7 A3222 30G - 78G 12 - 32.4 12Vdc USB Avalon4 mini.JPG
Avalon nano2[47] 2015-8 A3233 1G - 4G 1 - 6 5Vdc USB Avalon nano2.JPG
Avalon6 V6.0 2015-10 A3218 3.5T±5% 1050 12Vdc IIC Avalon6 V6.0.jpg
AvalonMiner 721 2016-10 A3212 6T -5% ~ +10% 900 -5% ~ +15% 12Vdc IIC AvalonMiner 721.jpg
AvalonMiner 741[3] 2016-12 A3212 7.3T -5% ~ + 15% 1150 +0% ~ +15% 12Vdc IIC AvalonMiner 741.jpg
AvalonMiner 821 2017-12 A3210 11T -5% ~ + 15% 1200 +0% ~ +15% 12Vdc IIC AvalonMiner 821.jpg
AvalonMiner 841 2018-3 A3210HP 104 13.6T 1290 12Vdc IIC Canaan Avalon 841 Bitcoin Miner taken by a Canaan Creative official Distributor.
AvalonMiner 851 A3210M 104 14.5T 1450W 12Vdc IIC
AvalonMiner 911 A3210M 204 19.5T 1750W 12Vdc IIC
AvalonMiner 921 2018-8 A3206 104 20T 1800W 12Vdc IIC
AvalonMiner 10 2019-3 A3205 240 31T 1736W 176 ~ 264Vac (PSU included) IIC Canaan AvalonMiner A10 Bitcoin Mining Machines.jpg

Other products[edit]

In August 2018, Canaan announced a TV set that supposedly called "AvalonMiner Inside" which is a TV set with processing power of 2.8 trillion hashes per second.[48]

In October 2018, Canaan announced the creation of a KPU or knowledge processing unit with an official title of Kendryte.[8] Other products Canaan is working on include a "cloud computing heater" and a mobile mining farm called an "Avalon Box".

As of October 2018 As of October 2018, from Canaan's official website, it is unknown if these products were actually released or exist.[49]

Acquisition history[edit]

The company attempted a reverse acquisition for $466 Millions USD by Shandong Luyitong (LYT), publicly traded company on the Shenzhen stock market.[50][51] After the acquisition, Canaan Creative would have been a wholly owned sudsidiary at that point.[52][53]

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)."[53][54][55][56] 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."[54]

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."[55][57]

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.[58]

See also[edit]


  1. ^ "About Canaan Creative". Canaan Official About Page. 2016-06-20. Retrieved 2016-06-20.
  2. ^ a b c "Avalon ASIC's 40nm Chip to Bring Hashing Boost for Less Power". Coindesk. 2014-03-14. Retrieved 2016-06-20.
  3. ^ a b 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. ^ De, Nikhilesh (13 September 2018). "A New Line of Powerful ASIC Miners Is Coming to Ethereum". Retrieved 18 October 2018.
  7. ^ Marinoff, Nick (14 September 2018). "New Mining Manufacturer Linzhi Announces Ethereum ASIC Miner". Retrieved 18 October 2018.
  8. ^ a b Wang, Connie (15 October 2018). "Canaan Unveils AvalonMiner A911 , and Its 5nm Chip Is In Developmet". 8BTC. Retrieved 18 October 2018.
  9. ^ Zhao, Wolfie (15 Nov 2018). "Bitcoin Miner Canaan's IPO Likely Delayed After Hong Kong Filing Expires". Retrieved 3 April 2019.
  10. ^ Gola, Yashu (3 Dec 2018). "Bitcoin Mining Giant Canaan Secures New Funding in 'Hundreds of Millions of Dollars'". Retrieved 3 April 2019.
  11. ^ Tse, Crystal (8 January 2019). "Bitcoin Mining Chip Maker Canaan Considers U.S. IPO". Retrieved 3 April 2019.
  12. ^ Khatri, Yogita (8 January 2019). "Bitcoin Miner Maker Canaan Considering New York IPO: Report". Retrieved 3 April 2019.
  13. ^ Zhao, Wolfie (12 February 2019). "Co-Founder Quits Avalon Mining Chip Maker Canaan Over 'Differences'". Retrieved 3 April 2019.
  14. ^ Renaud, Clement (29 March 2019). "Interview: Bitcoin Mining Pioneer, Qi Hardware's Liu Xiangfu, on Open-Source History". Retrieved 3 April 2019.
  15. ^ "Ehash". 29 March 2019. Retrieved 3 April 2019.
  16. ^ a b "Icarus". Qi Hardware Wiki. 2012-01-02. Retrieved 2016-06-20.
  17. ^ a b "Icarus". Qi Hardware Wiki. 2012-04-09. Retrieved 2016-06-20.
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  22. ^ "【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!".
  23. ^ "FREE Avalon ASIC chips!".
  24. ^
  25. ^ "Avalon4 with global shipping can be purchased here!".
  26. ^ 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!".
  27. ^ "阿瓦隆Avalon第四代芯片A3222正式发售_玩币族".
  28. ^ "[WTS] AVALON ASIC batch 1 currently on-hand; immediate availability!".
  29. ^ "[Avalon ASIC] Batch #2 pre-Sale Thread".
  30. ^ "[WTS] Avalon batch2, unopened, unused. Offers = 150 BTC".
  31. ^ Coinosphere (25 March 2013). "Avalon Batch 3 News".
  32. ^ "Avalon ASIC Batch #3 sold out! • r/Bitcoin".
  33. ^ "Avalon Overclocking Thread - Share Your Results and Tips for others".
  34. ^ "Avalon Mini 60GH/s Miner for sale".
  35. ^ Eyeboot (2013-10-24), How to setup Avalon 60gh Mini Rig, retrieved 2018-09-12
  36. ^ "[Guide] Dogie's Comprehensive Avalon Avalon2 Setup [HD]".
  37. ^ "[Guide] Dogie's Comprehensive Avalon Avalon3 Setup [HD]".
  38. ^ fuckthe9 (18 June 2014). "Avalon 3 Deployment Course" – via YouTube.
  39. ^ "Avalon Nano - Stick Mining Fun!".
  40. ^ Team, Discuz! Team and Comsenz UI. "Avalon Nano矿机评测(图文教程) - 比特币挖矿".
  41. ^ "[Guide] Dogie's Comprehensive Avalon Avalon4 Setup [HD]".
  42. ^ Team, Discuz! Team and Comsenz UI. "Avalon4 28nm Bitcoin Miner Evaluation by Cybtc - EVALUATION Cybtc".
  43. ^ "Avalon4 1T Evaluation".
  44. ^ 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".
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  47. ^ a b "Avalon ASIC users thread".
  48. ^ Huang, Zheping; Yang, Yingzhi (2 August 2018). "Canaan launches world's first bitcoin mining TV set". Southern China Morning Post. Retrieved 18 October 2018.
  49. ^ "Canaan Official Website". Retrieved 18 October 2018.
  50. ^ "Shanghai Luyitong Public Trading Symbol". Sina Finance. 2016-06-20. Retrieved 2016-06-20.
  51. ^ "Shandong Luyitong Intelligent Electric Plc". Bloomberg. 2016-06-20. Retrieved 2016-06-20.
  52. ^ 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.
  53. ^ a b Mizrahi, Avi (2016-06-09). "Chinese Bitcoin Mining Developer Canaan Acquired for ¥3 Billion". NEWSBTC. Retrieved 2016-06-20.
  54. ^ a b Higgins, Stan (2016-06-09). "New Details Emerge on Bitcoin Firm Avalon's $466 Million Pending Sale". Coindesk News. Retrieved 2016-06-20.
  55. ^ a b Das, Samburaj (2016-06-10). "Chinese Bitcoin Mining Firm Canaan Acquired for $422 Million". Coindesk News. Retrieved 2016-06-20.
  56. ^ Buntix, JP (2016-06-09). "Chinese Bitcoin Mining Company Canaan Sold for $466m". NEWSBTC. Retrieved 2016-06-20.
  57. ^ Zhang, N.G. (2016-06-09). "Hello World! We are Canaan". Canaan Creative Blog. Retrieved 2016-06-20.
  58. ^ Higgins, Stan (2016-09-26). "Regulators Block Sale of Bitcoin Miner Avalon". Coindesk. Retrieved 2017-05-26.

External links[edit]