Canaan Creative
Basics
- The world’s second largest manufacturer of cryptocurrency mining hardware. Creator of the Avalon miner
- Hangzhou-based
- "Cryptocurrency mining equipment maker Canaan allows its Hong Kong IPO filing to lapse; the company reportedly planned to raise up to $2B before adjusting its target to $400M; Reuters sources said regulators and the exchange had questions about Canaan's prospects and business model, and that the company would not go public this year (2018)"
- From CoinSpice (21-11-2019):
"The first-ever US Bitcoin mining initial public offering (IPO) is officially in the books. China-based mining rig manufacturer Canaan raised $90 million dollars, according to its press release. That’s a lot less than initially expected, and it has not been an easy road for the historic crypto-related IPO as speculative markets tumbled, spooking major banking underwriters."
"Chinese bitcoin miner manufacturer Canaan Creative disclosed a net loss of $148.6 million for 2019 on revenue of $204.3 million, reflecting declining profitability over the past three years. On Thursday, the firm released its first unaudited earnings report since going public in the U.S. in November. Canaan said it sold computing power totaling 10.5 exhashes per second (EH/s), which accounted for roughly 20 percent of the Bitcoin network’s computing power growth last year.
Since its $90 million IPO, Canaan’s share price has been on a downward trend and is currently around $3.5 per share – 61 percent below its offering price. The firm said it recorded $114.7 million in net loss in Q4 2019 alone, which widened its $31.2 million net loss for the first nine months in 2019."
- Is on the list of supporters of Skale (31-7-2020).
Team
- Chen Feng; Canaan’s Avalonminer sales director
