Frost & Sullivan released the 2024 Global Blockchain Hardware Industry White Paper. Canaan Technology ranked second in cumulative computing power sales last year.
Recently, the authoritative industry research firm Frost & Sullivan ("Frost & Sullivan") released the "2024 Global Blockchain Hardware Industry White Paper". In recent years, with the acceleration of global digital transformation, blockchain hardware represented by Bitcoin mining machines has become a key cornerstone driving the development of blockchain technology, playing an increasingly prominent role in global digital transformation. The white paper points out that in 2023, the global total computing power sales of Bitcoin mining machines reached 162 million TH/S. $Canaan(CAN.US) as the world's first Bitcoin mining machine manufacturer listed on NASDAQ, its Avalon Miner ranked second globally in cumulative computing power sales by the end of 2023. Through continuous technological innovation and breakthroughs in mining machine performance, Canaan Inc. has brought positive impacts to the infrastructure of the entire industry in the blockchain hardware value chain.
Frost & Sullivan deeply explores the innovations and trends of blockchain hardware in fields such as Bitcoin mining, Internet of Things (IoT), and decentralized storage in the white paper. The Bitcoin industry consists of five main components: hardware supply, mining farms and mining pool operations, trading, and payment processing. The report points out that hardware suppliers play a key role in the blockchain industry, providing specialized equipment for efficient cryptocurrency mining. Especially in the field of Bitcoin mining, Canaan Inc. has become a backbone of the industry through continuous technological innovation in IC design, manufacturing, and sales. Its fabless ASIC chip Bitcoin mining hardware design performs particularly well in the market, ranking second among global fabless ASIC Bitcoin mining hardware designers by the end of 2023, reflecting its strong position in this market driven by Bitcoin price fluctuations and the high demand for efficient and powerful mining solutions.
Canaan Inc. not only focuses on technological innovation but also actively responds to the call for global green sustainable development, promoting the industry to move in a more environmentally friendly direction. Frost & Sullivan specifically mentioned in its research that Canaan Inc. utilizes advanced cooling technologies such as air cooling and liquid cooling, launching the Avalon Miner A1566 and A1566I in 2024. These mining machines not only improve performance but also effectively reduce energy consumption, demonstrating its leadership in the environmental field. With the proportion of renewable energy use in Bitcoin mining climbing to 78%, Canaan Inc. has played an important role in the adoption and promotion of green technologies, helping the entire industry transition to sustainable development. In addition, Canaan Inc. has met the demand for mining machine products from both 2B and 2C ends with its comprehensive product system, including the Avalon Box and the popular 2C Bitcoin mining machine Avalon Nano 3 among global users.
According to Frost & Sullivan's research report, the future growth of blockchain hardware will continue to rely on continuous technological innovation and the application of green technologies. Under this development trend, in addition to reducing energy consumption, the adoption of higher-performance mining machine products reflects the industry's transition to greener operations.
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