Crypto Mining Giant Canaan Partners with Blockchain Firm Northern Data

By February 20, 2020 Bitcoin Business
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Two major players in the global blockchain industry have signed a strategic partnership to bundle their technological and operational performance.

According to a Feb. 19 press release, Canaan Creative, the world’s second largest Bitcoin (BTC) mining hardware manufacturer, and blockchain infrastructure company Northern Data AG joined forces to work in various fields.

In particular, the two companies will work together on artificial intelligence and blockchain development, as well as on optimizing scale data center activities.

Northern Data focuses on building infrastructure for high-performance computing, whose applications can go beyond blockchain technology. The company originated from a merger between the German blockchain infrastructure company Northern Bitcoin AG and Whinstone US Inc., a data center operator in the United States.

Canaan Creative’s CEO, NG Zhang, outlined that the new partnership allows both technological progress and geographic expansion:

“Our R&D team works together with Northern Data. Both parties have achieved positive results. Northern Data also provides support for computer tools for our overseas R&D in the US. Canaan is looking forward to further collaboration in product development, AI and high-performance computing. “

Canaan’s own expertise lies in AI chip development and specialized mining hardware, including ASICs. ASIC refers to hardware that uses Application-Specific Integrated Circuit (ASIC) chips that are adapted to efficiently extract crypto based on a specific hashing algorithm.

Canaan claims to have produced more than 150 million ASICs from 2017 to September 2019. It is also a pioneer of the 7-nanometer chip tailored to Bitcoin and was recently listed on NASDAQ. This is important insofar as it is said to be the first China-based independent intellectual property AI chip manufacturer to successfully offer a first US public offering

Northern Data AG has announced its plans to enter into further partnerships with major blockchain and AI developers in the coming months.

Earlier this week, Canaan’s shares reached a value of $ 8.04 – an increase of more than 80% from the opening price of $ 4.42. In the fall of 2019, when it first launched its Nasdaq IPO, the shares were valued at more than 75% lower than expected, and went down 40% in mid-December.

In recent developments for Northern Data, the company has just unveiled a collaboration with SBI Crypto, a cryptocurrency-focused subsidiary of Japanese financial services provider SBI Holdings.

In the fall of 2019, Northern Data – then known as Northern Bitcoin – entered into a merger agreement with Whinstone to build what would appear to be the largest mining farm in the world, based in Texas.

The new site is reported to launch activities with an initial capacity of 300 megawatts, expected to be 1 gigawatt by the end of 2020.

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According to a Feb. 19 press release, Canaan Creative, the […]

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