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Canaan Creative Sees Miner Sales Rise Amid Soaring Bitcoin Prices
North American presales are up 17% from February, the firm said.
Nasdaq-listed Canaan Creative (CAN) says orders for its cryptocurrency mining machines are rising amid sky-high prices for bitcoin.
STORY CONTINUES BELOW
- 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.
Read more: Bitcoin Mining Manufacturer Ebang Launches Beta Phase for Crypto Exchange
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
