Canaan Creative to Raise Millions, Media Reports

As reported, as a result of new round of financing, the company's capitalization exceeded $ 1 billion
13 March 2019   490

The manufacturer of mining equipment Canaan Creative has completed a new round of financing, reports CoinDesk.

According to a local source of the Securities Times, the manufacturer, famous for its Avalon equipment line, has attracted "hundreds of millions of dollars" of investment. As a result, the company's capitalization exceeded $ 1 billion.

The news is noteworthy because the “cryptowinter” hit the mining industry painfully. Leading manufacturers of equipment for the extraction of cryptocurrency, including Bitmain, faced serious financial difficulties. The resumption of business activity can talk about restoring investor confidence in the long-term market prospects.

According to some info, Canaan is considering an IPO in the United States.

In the spring of last year, the company has already filed an application for an initial public offering on the Hong Kong stock exchange in order to raise $ 1 billion. However, this application subsequently expired.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   239

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.