Chinese Bitcoin Mining Firm Canaan Acquired for $422 Million
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....
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The ASIC bitcoin mining rig manufacturer and chipmaker, Canaan has announced the company has signed a $93.63 million purchase order with the mining firm Genesis Digital Assets. Genesis will be acquiring Canaan’s A1246 Avalonminer rigs that produce 90 terahash per second (TH/s) and deliveries will be shipping during the second half of 2021. Canaan and Genesis Digital Assets Announce a Strategic Partnership According to an announcement from the Beijing, China-based company Canaan (Nasdaq: CAN) a new strategic partnership has been unveiled between the firm and Genesis Digital Assets.....
Former directors of Canaan Inc. are investing in the Shanghai firm and will help launch its new mining subsidiary.