The investment is the largest-ever announced by a bitcoin mining business, though one that’s in line with moves from Canaan’s competitors. One of the largest makers of ASIC chips specialized for mining, the firm’s diversification follows competitor Bitfury’s transition into software services and pursuits centered on enterprise blockchain offerings. Proof-of-Existence, we will also build services on top of the tamper proof features of the blockchain,” Xiangfu Liu, Canaan’ngzhang bitcoin miner co-founder, said.

In 2010, while still pursuing a Ph. In November 2011, Ngzhang announced on Bitcointalk the world’s first dedicated bitcoin mining hardware named “Icarus” using FPGA technology. The follow-up product came in May 2012 with the second FPGA-based design, the Lancelot. 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.

Lancelot, FPGA bitcoin mining device designed by ngzhang. 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. In August 2013, the Avalon Project launched its second generation of dedicated bitcoin mining ASIC chips, the Avalon2 A3255.