Tag Archives: Canaan

CoinspeakerCanaan Secures $50M in Preferred Shares Sale to Bolster Expansion Efforts Canaan disclosed in the SEC's Form 6-K filing that the new funding round would enhance its research and development capabilities, support innovation in its crypto mining rigs, and expand its production scale. Canaan Secures $50M in Preferred Shares Sale to Bolster Expansion Efforts

Canaan – a large manufacturer and distributor of bitcoin and crypto mining equipment – has seen its profits and revenue plunge over the course of the last several months. Thus far, net income for the company has dipped roughly 88 percent in 2022, and the company has only made a little more than $8.5 million for the year. Canaan Isn’t Doing So Hot The mining sector has been suffering heavily as of late, partly because prices are going down, but also because electricity...

Canaan Inc. – one of the largest digital currency mining companies in the world – is unveiling its new crypto mining machine known as the Avalon Made A13 series. Canaan Inc. Is Introducing a New Type of Mining Machine The machine is powered by ASIC technologies and will come in two separate forms. The first is Model A 1346, which features a hash rate of more than 110 TH/s. The second, known as Model A 1366, boasts a hash rate that exceeds 130TH/s. Both machines feature...

Canaan Inc – one of the largest bitcoin mining companies in the world – is now the subject of a class-action lawsuit brought forth by several investors through a Manhattan court. A federal judge has ruled that a Hong Kong couple should lead the securities-fraud suit against the firm even though the filing was delivered late. Canaan Is at the Center of a Heavy Suit The decision was made by U.S. District Judge John Cronan, who believes that Bill Lu and Liyang Huang are the...

Bitcoin mining giant and competitor to Bitmain Canaan Inc. (aka Canaan Creative) is being sued by investors who claim that the company has violated several industry laws.Canaan Is Taking a Hard HitThe suit was filed in Oregon last Wednesday by investor Phillippe Lemieux, who believes the enterprise lied to shareholders following its recent initial public offering (IPO). Lemieux claims that the company presented false information about its financial well-being and about its status with the...

In what has been seen by many as a travesty of sorts, major cryptocurrency equipment manufacturer Canaan Creative has seen its stock decline sharply in the past 17 out of 21 trading sessions. Sources indicate that Canaan’s stock hasn’t fared well as many would have hoped. Just to remind you, the company at its IPO was valued at $1.3 billion. The company’s stock has lost about 35% of its value this week. Since the late November shares have tumbled indicating that the company wasn’t as valuable...

As previously reported by CoinSpeaker, China’s Bitcoin mining giant Canaan Creative conducted its IPO with its shares going public on the Nasdaq platform on Wednesday, November 20.Well, things have certainly not gone the way Canaan thought and it looks like the decision to go public was all done in haste. In its filing to the United States Securities and Exchange Commission (SEC) Canaan marketed its shares for $9 to $11, as per the Bloomberg report.Previously, Canaan planned to raise around...

Mining giant Canaan Creative is set to launch its IPO later this month. The Avalon miner maker proceeds with its IPO despite massive devaluations. The company appears to be betting on a strong bull market, which would dramatically increase demand for mining equipment. Bitcoin mining is a delicate balance of these three factors: equipment efficiency, electricity costs, and bitcoin price. Miners often have control over the first two factors but they are at the mercy of the dominant...

It has been evident in the last few years that companies within the blockchain, cryptocurrency and fintech space are receiving a lot more institutional backing after years of being rather niche sectors of the business world. This is evidenced by the fact that many more prominent firms are taking on blockchain technology such as MasterCard, Air Canada, Barclays and so on. It is also evidenced by the fact that many private firms such as Facebook and JP Morgan are embracing cryptocurrency and...

Canaan Creative, the Chinese Bitcoin mining company is all set to go public by listing its shares on the Nasdaq trading platform next week on November 20. As we have already reported, Canaan filed for its U.S. IPO on October 28, with Galaxy Digital, Credit Suisse, Citigroup and four other underwriters.Canaan is one of the biggest rivals of Bitmain in the crypto mining space. As per the report, Canaan is planning to raise around $400 million from its IPO. However, it is unclear at this stage...