Chinese Bitcoin Mining Company Canaan Sold for $466m
Most startups are created as a way to ensure they can get acquired by a different firm at a later stage. Canaan is not a company that would ring a bell for most people unless they were deeply involved in the Bitcoin mining game. This pioneering mining firm was acquired by an electronics manufacturer earlier today. It appears as if CNY 3bn participated in the process, as well as company stock. Canaan Got Acquired Before Primetime. Most startups are created as a way to ensure they can get acquired by a different firm at a later stage. It remains unknown whether or not Bitcoin mining firm....
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Chinese bitcoin mining firm Canaan Creative (more commonly known by its brand Avalon), is being acquired for a reportedly princely sum of ¥3.06bn, approximately $466 million. It makes for a notable business deal in the bitcoin mining industry, perhaps the most notable yet. Beijing-based Canaan Creative, known for its bitcoin mining chip brand Avalon is being acquired for a reported ¥3.06bn (approximately $466 million) in what clearly sets a milestone as the biggest acquisition in the industry to date. Canaan Creative will be acquired as a whole by electronics manufacturer Shandong Luyitong....
Canaan Inc., the crypto mining rig manufacturer based in Beijing, has announced the company plans to mine cryptocurrencies in Kazakhstan. The company says that the firm’s next-generation Avalonminer mining rigs are already deployed in the world’s largest landlocked country. Canaan Joins the Bitcoin Mining Fray The publicly-listed company Canaan (Nasdaq: CAN) has revealed the firm is entering the fray of bitcoin mining with its own self-operated mining business. Canaan is one of the oldest bitcoin mining hardware manufacturers in the world as it was founded by Nangeng Zhang in....
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....
On Monday, the application-specific integrated circuit (ASIC) manufacturer Canaan Inc. announced the company has established an overseas after-sales center in Kazakhstan. According to Canaan, the service center will provide local customers with after-sales services like machine testing, warranty services, maintenance, and technical consultation. Chinese Miners Are Focused on Relocation, Canaan Opens Mining Rig Service Center in Kazakhstan Ever since China started cracking down on bitcoin miners in the region, Kazakhstan has been a target for relocation. A number of Chinese operations have....
Chinese Bitcoin mining firm Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, but it’s not the end of its business. Chinese cryptocurrency mining firm Canaan will continue to expand operations despite the ongoing bear market and an associated drop in earnings, according to the company’s CEO.Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, the firm officially announced on Nov. 14. The firm’s Q3 net income amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% decrease from the same period in 2021, Canaan noted.The company’s....