Bitcoin mining instrument maker canaan creative set to come out with an IPO
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Bitcoin mining instrument maker canaan creative set to come out with an IPO

As per news in businesstimes.com.sg, Canaan Creative, world leaders in producing bitcoin mining instruments from China, is looking forward to launching an IPO outside the country. The company has not yet revealed the details of its IPO release and the capital it plans to raise.

The company has become a popular mining machines producer as the crypto market has been through a boom since 2017. Jianping Kong, Co-chairman Canaan Creative, said, “We are open to all suitable venues but prefer listing outside mainland China.”

China has always boasted its reputation of being one of the top centers for crypto mining. The country is able to keep up with crypto production even after government’s harsh outlook towards crypto mining and trading. Financial risks have not stopped Cannan from slowing down its production rate.

The Chinese government has launched several guidelines about the use of digital currencies from closing crypto exchanges to banning initial coin offerings.

The crypto industry has always been extremely volatile seeing the meteoric rise and downfall of bitcoin in 2018 by 50 percent. The $530 million heist from a Japanese crypto exchange named Coincheck has pressurized governments all over the globe to come up with strict regulations.

The famous Avalon miners were developed by Canaan in 2013 and are being sold in numbers greater than ever. It is facing tough competition from Bitmain, a Beijing based bitcoin mining machine developer, which has expanded globally due to its “AntMiner” series.

Cnbc.com reported that a specialized cryptocurrency mining system was revealed by Bitmain on Tuesday. The system would work on Ethereum and can possibly hurt major graphics card manufacturers like Nvidia and AMD.

In a tweet, Bitmain said, “We are pleased to announce the Antminer E3, world’s most powerful and efficient EtHash ASIC miner. Ordering limit of one miner per user and not available in China. Limited stock, order here now.”

The company aims to ship the ethereum mining system for $800 a pair between mid to late July 2018

Usually, bitcoin miners use graphics cards and chips from AMD or Nvidia to produce new coins. But, Antminer comes with specialized ASIC chips that allow easy mining in comparison to hardware provided by Nvidia and AMD. Most of the company’s profit is earned through the sales of the bitcoin mining rigs.

In a similar news, technode.com reported that Canaan Creative is trying to use the AI technology. The company was able to raise $43 million in Series A in May 2017. The company also revealed its plans to complete a new ASIC focussed on the AI market.

An associate analyst at Moor Insights and Strategy, Anshel Sag, said, “There’s no denying the popularity of cryptocurrency and the blockchain. AI has a very similar amount of hype and excitement around it, and I believe that Bitmain may be building on this excitement.”

The Chinese company is trying to become more than a tool producer for bitcoin mining. Its recent actions suggest that the company is eyeing on the AI market after getting immense success in comparison to its competitors.

About the author

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Solomon Kingsley

Soloman got involved with Bitcoin while studying his Masters in Finance. Since then, he has been writing blogs relating to the cryptocurrencies and latest news relating to the same. Now he has joined this platform to take his passion a step ahead.

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