Mentioned:
A Bitcoin mining company in America is scaling up their infrastructure. And they’re turning to Canaan to do it.
What’s happening:
- Canaan (NASDAQ: CAN) has landed a new purchase order from a Bitcoin mining company in the United States for 50,000 Avalon A15 Pro Bitcoin miners
Why it matters:
- This is the single largest purchase order Canaan has received in more than three years
Going deeper:
- Canaan’s Avalon 15 Pro Bitcoin mining machines are some of the most advanced Bitcoin mining rigs in the world for both energy efficiency and high hashrate performance
- Bitcoin mining has been starting to ramp up again in the public markets, which has largely been fuelled by large revenue generation from IREN (NASDAQ: IREN) and the recent Wall Street debut of Hut 8 (NASDAQ: HUT) backed American Bitcoin (NASDAQ: ABTC)
Market reaction:
- Shares of Canaan surged more than +20% following the announcement
