Nasdaq-listed Canaan Creative (CAN) says orders for its cryptocurrency mining machines are rising amid sky-high prices for bitcoin.
- The China-based company said in a statement that presales of mining machines to the North American market have reached about 120,000 units, up 17% from mid-February, according to a Global Times report.
- Canaan had already seen increased demand for its equipment from North America and Central Asia region from late 2020, said the firm in February.
- Amid a worldwide shortage of processors, the firm had approached a number of fabrication plants in advance, allowing the company to produce products according to market demand, per the report.
- Bitcoin prices have climbed from around $48,000 in mid-February to a record high of over $61,500 on Saturday, according to the CoinDesk 20. The cryptocurrency took a downturn Monday as institutional investment faded and investors took profits.
- CoinDesk reached out to Canaan for further details but did not receive a reply by press time.
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