Canaan Creative, known simply as Canaan, has unveiled AvalonMiner A911, its new state-of-the-art mining rig.

The announcement was made last Saturday, October 13, on the 2018 Mining Summit held in Chengdu, China.

According to AvalonMiner Sales Director Chen Feng, the A911 model has a maximum hashrate of 18 THs and 1440W of power consumption, providing 80 Watts per THS power usage. It will be powered by the recently created 7nm mining chip and, compared with the previous A921 model, will offer a stronger hash rate while consuming less energy.

Canaan not only announced the new mining rig but also plans for the development of a new line of products. The plans include a cloud computing heater, that creates electric heating that can be used for mining, a mobile miner called “Avalon Box”, and an artificial intelligence chip called “Kendryte”. Canaan also expressed their intention to break into different markets, as the cloud computing heater can be used as a household appliance, a move that follows their launch of the world’s first mining TV last August.

The company also reported that it will be creating another chip. The 7nm chip is only two months old but Canaan is already investing in the development of a new 5nm chip, that is expected to finish production during the second half of next year and enter mass produced in 2020. The 5nm chip adopts EUV Lithography for “more critical layers to reduce multi-pattern process complexity while achieving aggressive die area scaling.”

Canaan Chasing Bitmain

Although Canaan is the world’s second-biggest mining equipment manufacturer, it is still a long way from surpassing Bitmain.

The company however, is determined to bring innovation while penetrating new markets. In a similar move to Bitmain, they have also submitted a bid for an initial public offering (IPO) back in May. The IPO was filed with a valuation of $1 billion and counts major backers such as Morgan Stanley, Credit Suisse, and Deutsche Bank. If successful, it will be the first Hong Kong IPO from a cryptocurrency company.