Canaan Co., the only mining machine manufacturer listed on the Nasdaq, says it has developed a product that will revolutionize the industry and shake the ground. It was said in the statement that this product will be announced at the 10th anniversary celebration to be held on 12 September.
“Expect an unforgettable event,” said the company’s announcement. We will also present our groundbreaking and unprecedented product at the event, where there will be interesting discussions from industry leaders, about the latest trends and important issues in the bitcoin mining industry.
The share price of Canaan, which is going through a particularly difficult time in 2022 and is on the verge of bankruptcy, fell 15% in the past month. The company’s share has increased by almost 30 percent in the last 8 months, which has been positively affected by the growth of bitcoin since the beginning of the year.
Founded in 2013 and headquartered in Singapore, the company manufactures artificial intelligence chips in addition to bitcoin mining machines.
The most famous product of the company, which also does research on quantum computation, turns out to be the Avalon Miner A1366. The device, which is one of the most expensive in the industry and costs around $10,000, is also shown as the machine with the most advanced hash rate power.
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