Canaan Launches Mining Machines

Canaan Inc. ($CAN@China) has announced that it has started the first phase of strategic collaboration agreements with crypto mining firms on a joint project in Kazakhstan. Canaan employs the AvalonMiner1246, a device with a high hash rate and even higher efficiency to both reduce power consumption and improve results. As of the end of 2021, the company had over 10,000 mining units in the country, and it is deploying more power to increase its efforts. Canaan CEO, Nangang Zhang, recently said, “the deployment of over 10,000 mining machines not only deepens our collaboration with leading local mining farms but also marks our great strokes in our cultivation of the Bitcoin mining business. At press time, Canaan stock has jumped nearly 2%, drawing ever closer to $6 per share. With a market cap approaching $1 billion and increasing volume, Canaan is using this opportunity to expand its business and potentially generate more funding for future projects.