Canaan (CAN) Wins Contract to Supply Crypto Mining Heat to Nordic District Heating Network

Canaan Inc. has secured a contract to provide heat-recovery computing infrastructure to a Nordic district heating network, utilizing its Avalon A1566HA hydro-cooled mining units to capture thermal output from Bitcoin mining operations. The project is expected to serve approximately 2,800 homes. Canaan's stock was down nearly 15% despite the contract win.