The largest publicly traded Bitcoin mining equipment provider is doubling down on building new innovative hardware.
- 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
- 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 founding team of Canaan were the first to ever deliver ASIC mining hardware to Bitcoin miners more than a decade ago