Nano Labs unveils advanced crypto mining chips

Published 11/22/2024, 08:13 AM
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HANGZHOU, China - Nano Labs Ltd (NASDAQ:NA), a prominent fabless integrated circuit design company, has introduced its latest V Series crypto mining products. These second-generation models, including the V2, V2H, and V2X, are equipped with the company's new Cuckoo 3.0 chips and claim to offer significant improvements in performance and energy efficiency for the cryptocurrency mining industry.

The V2H and V2X models reportedly deliver nearly quadruple the computing power compared to their predecessors, positioning the V2 Series as one of the most efficient mining solutions available. The series also features enhanced hardware configurations, improved heat dissipation systems, and increased high-temperature resistance, ensuring stable and efficient operation.

Nano Labs has been involved in crypto mining chip design since 2022, starting with the B1L product for BTC mining, followed by the first-generation V1 Series for ETH mining. The launch of the V2 Series continues Nano Labs' trajectory of innovation and reflects its commitment to meeting the demands of the evolving digital mining market.

The company's dedication to research and development and its exploration of new opportunities in the Web3.0 space aim to deliver solutions that support the growth of the digital economy. Nano Labs' comprehensive flow processing unit architecture integrates features of both high throughput computing and high performance computing, with the Cuckoo series being among the first near-memory HTC chips in the market, according to a report by Frost & Sullivan.

This press release contains forward-looking statements and is based on current expectations and market conditions. It should be noted that these statements involve known and unknown risks and uncertainties that could cause actual results to differ materially. Nano Labs has made no commitment to update any forward-looking statements as new information becomes available.

The information for this article is based on a press release statement from Nano Labs Ltd.

In other recent news, Nano Labs Ltd, a prominent integrated circuit design firm in China, has regained compliance with the Nasdaq's minimum bid price and market value requirements. The company has also reported mixed financial results for the first half of 2024 with a net revenue decline to $3.47 million, mainly due to decreased sales of the iPollo V1 Series product. However, Nano Labs observed significant growth in 3D-printing product revenue and reduced operating expenses by 20.1%, but a net loss of $8.30 million was reported.

In a significant corporate move, Nano Labs converted $8.5 million in interest-free loans into Class A ordinary shares, altering the company's capital structure. This decision, facilitated by Chairman and CEO, Mr. Jianping Kong, Vice Chairman Mr. Qifeng Sun, and their affiliates, relieved the company from future loan obligations.

In terms of product development, Nano Labs launched the Cuckoo 3.0 chip, which is expected to boost future sales growth. The company is also expanding its Metaverse offerings and exploring opportunities in AI computing. These recent developments underline Nano Labs' ongoing commitment to creating additional value for shareholders.

On a different note, Marathon Bancorp, Inc. shareholders have re-elected Thomas Grimm to the company's board of directors and ratified the appointment of Bonadio & Co., LLP as Marathon Bancorp's independent registered public accounting firm for the fiscal year ending June 30, 2025.

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