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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC