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   269

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.

Mining Ban in China Won't Affect Bitmain & Canaan

This is said by the companies themself; also, Bitmain and Canaan did not indicate whether they intend to move the business abroad
11 April 2019   201

The prospect of a ban on mining in China will not have an impact on the operating activities of mining giants Bitmain and Canaan in the short term. This was stated by representatives of the press services of companies, 8btc reports.

At the same time, Bitmain and Canaan did not indicate whether they intend to move the business abroad, if the mining ban is set at the legislative level.

Note that China currently holds a dominant position in mining Bitcoin and Ethereum.

According to local cryptoexperts, mining equipment manufacturers will exist as long as Bitcoin has value.

Earlier in April, the National Development and Reform Commission of China issued a bill that called mining an “undesirable industry” and proposed banning it.

So far, the initiative has no legal force. Public discussion of the bill will last until May 7.