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Canaan Secures $50 Million To Innovate Bitcoin Mining Hardware

January 26, 2024
x min read

The largest publicly traded Bitcoin mining equipment provider is doubling down on building new innovative hardware.

What’s happening:

  • Bitcoin mining hardware company Canaan (NASDAQ: CAN) has raised $50M USD in a new financing round
  • The new growth capital will go towards Canaan accelerating their research and development of leading edge technology for Bitcoin mining rigs

Why it matters:

  • Publicly traded Bitcoin mining companies have been making some of their biggest hardware purchases ever, both in the United States and even the Middle East
  • Many Bitcoin mining companies are looking to have the latest technology and hardware in Bitcoin mining ahead of the upcoming Bitcoin halving which will demand even more operational efficiency

Going deeper:

  • Canaan has recently been announcing large purchase agreements from publicly listed Bitcoin mining companies, including notable buys from Cipher Mining (NASDAQ: CIFR) and Stronghold Digital Mining (NASDAQ: SDIG)

The intrigue:

  • The founding team of Canaan were the first to ever deliver ASIC mining hardware to Bitcoin miners more than a decade ago

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