THELOGICALINDIAN - On November 21 the Chinese mining rig architect Canaan Inc launched its antecedent accessible alms IPO auction of 90 actor account of US shares Canaan shares initially awash for 899 but plummeted over 48 on December 16 to 465 per allotment Back again Canaan has launched a alternation of bristles new mining rig batches that action amid 48 terahash per additional THs to 68THs for January and February commitment periods Canaan banal awash on the Nasdaq Global Market has additionally managed to jump aback 39 back the cogent attempt in midDecember
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Canaan’s IPO Shares Lost 48% But Have Regained Much of the Losses in 2024
Months ago, three behemothic mining rig firms from China, Bitmain, Canaan, and Ebang, bootless to IPO on the primary banal barter in Hong Kong. Again Canaan afraid anybody back the mining rig architect filed for its antecedent accessible banal alms in October with the U.S. Securities and Barter Commission (SEC). Following the IPO filing by Canaan, rumors accept been circulating that both Ebang and Bitmain are filing for IPO cachet in the U.S. as well. Canaan’s banal is alleged CAN (NASDAQ: CAN) and the shares were added to Nasdaq on November 21 with a accepted aperture ceremony. During the aboriginal day of trading, CAN absent a few pennies per share, but again alone 7.68% on November 23rd’s trading sessions. By mid-December Canaan’s accessible shares were bottomward 48% afore regaining some ground.
Canaan’s shares jumped from an best low of $4.65 on December 16 to acceleration 11% the actual abutting day. However, afterwards addition day of trading on Nasdaq, CAN alone alike lower to $4.63 a share. Canaan’s banal has been acutely afterward BTC’s bazaar footsteps and the banal amount started to acceleration alongside BTC’s bit-by-bit climb. On January 9, CAN was trading for $6.49 per allotment and the banal is up 6% today. Bazaar assemblage can’t define absolutely why Canaan’s banal angled during its aboriginal ages out of the aboideau but it’s not aberrant for beginning shares to slide. However, speculators anticipate that the CAN banal will chase alongside BTC’s amount movements and accept acclaimed that Canaan has annealed competition. Afterward the IPO, Canaan has appear a absolute of bristles activating bitcoin miners with 48-68TH/s. Chinese mining rig competitors like Bitmain and Innosilicon accept additionally appear a cardinal of miners in the deathwatch of Canaan’s antecedent IPO upset.
Canaan Reveals January and February Mining Rig Batches Aiming to Compete With Other Market Leaders
Canaan’s abundance is now affairs February batches of the new Avalonminer 1166 alternation (68TH/s) at $1,978 per unit. The abutting bearing Avalonminer is almost the aforementioned amount as Innosilicon’s Terminator 3 Pro 67TH/s apparatus at $1,999 per unit. Canaan additionally has a lower archetypal machine, the Avalonminer 1146 ($1,204 per assemblage with 56TH/s), as both the 1166 and 1146 are appointed for February delivery. Now Canaan assemblage can acquirement miners that will bear in January as the aggregation is affairs three versions of the Avalonminer 1066 series. These three miners action amid 48-50TH/s and advertise for $1,032 to $1,075 per unit. However, Bitmain shoppers can get January aircraft for mining rigs that aftermath amid 40-64TH/s and prices are a brace hundred less.
If a chump capital to delay the aforementioned timeframe for the Avalonminer 1166 alternation (68TH/s) but acquirement Bitmain’s Antminer S17 (70TH/s) they would save $323 per unit. Miners should additionally accumulate in apperception that the Avalonminer 1166 takes about 3196W off the wall, while the Antminer S17 takes 2800W. That’s a advertence ability ability aberration of 40 joules per terahash (J/TH) for the Antminer S17 to the 47J/TH for Canaan 68TH/s model.
The Avalonminer 1166 ability burning is agnate to Innosilicon’s Terminator 3 Pro 67TH/s accessory which uses 3300W. Another adversary Canaan has to accord with is the Chinese close Microbt which is affairs the Whatsminer M21S ($1,299 per assemblage with 56TH/s). Microbt afresh bargain the M21S amount afterwards initially charging $1,749 per mining rig and the aggregation claims items address 1-2 business canicule afterwards the acquittal is settled.
The ascent BTC prices ability advice Canaan’s shares advertise better, but as far as accomplishment sales, the aggregation has annealed competition. All of the Chinese mining rig manufacturers assume to be abounding with accessories and are action on investors ‘arming their farms’ with activating miners. Canaan’s accessible shares, however, could advice the aggregation a blow best if the balderdash run doesn’t appear appropriate away. Appropriate now as far as 50TH/s to 70TH/s next-generation miners are concerned, there’s a aerial accumulation acknowledgment to Canaan, Bitmain, Innosilicon, and Microbt. Out of all the competitors, Bitmain and Canaan accept added choices as far as the mining rigs accessible for bodies attractive for hashrates amid 40-70TH/s.
What do you anticipate about Canaan’s accessible banal achievement over the aftermost month? What do you anticipate about Canaan’s new mining rigs and the annealed antagonism the aggregation faces? Let us apperceive what you anticipate about this affair in the comments area below.
Disclaimer: This commodity is for advisory purposes only. It is not an action or address of an action to buy or sell, or a recommendation, endorsement, or advocacy of any products, mining rigs, services, mining rig manufacturers or companies. Neither the aggregation nor the columnist is responsible, anon or indirectly, for any accident or accident acquired or declared to be acquired by or in affiliation with the use of or assurance on any ideas, software, mining rigs, mining rig manufacturers, websites, concepts, content, appurtenances or casework mentioned in this article.
Image credits: Shutterstock, Canaan, Bitmain, Microbt, Innosilicon, Wiki Commons, Fair Use, and Pixabay.
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