Bitcoin Mining Firm Valued at $466 Million in Pending Sale
China-based bitcoin mining firm Canaan Creative announced yesterday it had agreed to sell its operations to a publicly listed electronics firm in a deal that would mark the biggest exit for a bitcoin company to date should it be approved by local regulators. The reported cash and stock stock deal, which has yet to be confirmed by the purchasing party Shandong Luyitong, values Canaan (known commonly by the name of its bitcoin mining chip brand, Avalon) at approximately ¥3.06bn (roughly $466m), according to its representatives. The company further said that Luyitong paid roughly ¥1bn....
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