Canaan

Canaan’s shares on Nasdaq closed 3.83% lower at US$2.51 on Wednesday after the cryptocurrency mining rig maker reported an 82% year-on-year drop in revenue on Tuesday for the fourth quarter of last year, citing “lackluster market demand” for mining machines as the price of Bitcoin fell.

Cryptocurrency mining rig maker Canaan posted shrinking revenues and profits in the third quarter of this year, as the crypto bear market continued to plague the mining industry.

Top blockchain and crypto news: Tornado Cash, mixer crash. Cardano’s Vasil vulnerabilities. Canaan earnings buoy expansion plans.

Shares of cryptocurrency mining rig maker Canaan traded up 0.77% in U.S. trading on Thursday after the company said net income expanded in the second quarter from a year earlier despite the fallout from Covid-19 lockdowns in China and challenging market conditions. See related article: Chinese mining rig maker Canaan says global expansion on track […]

Beijing’s drive to stamp out crypto mining and the slump in crypto prices are headwinds that Canaan says it knows how to deal with, adding that the crypto winter may be shorter than expected.

Chinese crypto mining rig maker Canaan is ramping up its mining business and will soon start self- or joint-mining operations in the U.S., Edward Lu, a senior vice president of Canaan, told Forkast in an interview on Thursday. See related article: Bitcoin rig maker Canaan reports over US$200 mln in Q1 revenue Fast facts “Today […]

Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the […]

Bitcoin falls as Nasdaq hits its worst drop since 2020. Meanwhile, NFT exhibitions are popping up in Hong Kong.

T​he Securities and Exchange Commission (SEC) said it determined that Canaan used an auditor whose working papers cannot be inspected or investigated completely by the Public Company Accounting Oversight Board (PCAOB).  See related article: Canaan to buy back up to $100M shares to drive value Fast facts The SEC Wednesday said it is placing 88 […]

Ukrainian President signs a digital assets bill into law. Meanwhile in China, Cannan plans to buy back shares.

Chinese crypto mining rig maker Canaan announced Wednesday its plans to buy back up to US$100 million worth of shares over the next two years. See related article: Chinese mining rig maker Canaan secures purchase order from Genesis for 30K units Fast facts The Nasdaq-listed company’s latest move comes after it completed its previous US$20 […]

Since China’s crypto bans, Kazakhstan has become a popular destination of energy-intensive crypto mining companies.

Chinese cryptocurrency mining rig maker Canaan announced Tuesday that it has entered into multiple partnerships in Kazakhstan and deployed over 10,000 mining machines in the country, as the company steps up efforts to expand globally. Fast facts Canaan said in a statement it has successfully launched the last batch of mining machines online under its […]

While China continues to stamp out cryptocurrency mining, the mining rig producers continue raking in the deals. The latest: Canaan, a Chinese crypto mining rig maker, has secured a follow-on contract from Genesis Digital Assets for 30,000 units of Avalon Bitcoin mining machines, with another 150,000 units to be executed. Fast facts Back in August, […]

Chinese cryptocurrency mining rig maker Canaan doesn’t seem to shy away from running its own mining business in Kazakhstan despite a power shortage situation in the Central Asian nation, which has become a popular destination for Chinese miners amid China’s clampdown on the sector. Fast facts Canaan announced today it has started joint mining operations […]

China may be banning crypto mining activities, but rig makers appear to be spared from the clampdown.

Canaan sues over patent infringement also, PayTM considers crypto services

Canaan is seeking $14 million in alleged losses from Shenzhen HighSharp Electronic Technology and Sichuan Yinbimei Technology.

Canaan reports record revenues meanwhile Korea says no to crypto tax delay

Leading Chinese crypto mining hardware manufacturer attributes robust revenue to ‘substantial increase in total computing power sold.’

The order follows a June purchase by Genesis of 10K machines from China-based Canaan, one of the world’s biggest Bitcoin mining rig makers

HIVE Blockchain Technologies, a Vancouver-headquartered crypto mining company, is buying 1,800 machines from Chinese mining rig maker Bitmain to expand its mining operation. Fast facts HIVE said that it had ordered 1,800 Antminer S19j Pro miners from Bitmain, and the new machines are expected to bring an aggregate hash power of 180 petahash per second, […]

Mawson Infrastructure Group, an Australian cryptocurrency mining company, has purchased an additional 17,352 ASIC Bitcoin mining machines from Chinese rig maker Canaan in a move to bolster its mining operations on its home turf and in the United States. Fast facts Mawson plans to deploy the additional machines — Avalon A1166s and A1246s — purchased […]

North America emerges as hardware demand hotspot amid Beijing’s regulatory onslaught against cryptocurrency sector.

Cryptocurrency mining rig manufacturer Canaan has announced the appointment of James Jin Cheng as its new CFO, following the resignation of his predecessor in February. Fast facts Cheng was previously vice president of Chinese internet recruiting platform Zhaopin Ltd., which listed on the New York Stock Exchange in 2014 before being taken private in 2017. […]

Optimum Mining Host-Black Rock Petroleum plan comes as Canaan seeks greener operations through Czech partnership.

Canaan, one of the world’s biggest crypto mining rig makers, has launched its own crypto mining business in Kazakhstan.

Regulatory uncertainty pushes India’s crypto industry towards self regulation as a secret Ethereum miner gets busted in Seoul Arts Center.

Canaan, one of the largest crypto mining rig makers in the world, is opening its first-ever service center outside China—in Kazakhstan.

Crypto investors in South Korea stir petitions to unseat the nation’s financial watchdog chief for his anti-crypto remarks.

Caught in the US-China trade war crossfire, the semiconductor manufacturer’s shares tumbled alongside Beijing’s fading dreams of a domestic silicon supply.

Also: Dozens of crypto firms sued in 11 class-action lawsuits. Bitcoin mining company Canaan bleeds red ink. Fintech funding in India, and more.

Aside from concerns about mismanagement, what else is causing Canaan to flounder? Forkast.News analyzes Canaan and the many storms — including the Covid economy and the next Bitcoin halving — now rocking the world of crypto mining.