One of the major crypto mining capacities producer – Canaan Creative – announced the completion of the new funding round.
The company gained fame for its Avalon mining devices. According to the local media reports, the producer successfully gets heavy earnings thanks to Avalons. As a result, its overall value exceeded $1 billion. The company has not provided any specific details or comments on the issue so far.
However, Canaan failed to conduct an IPO on the Hong Kong Stock Exchange. In January, the company was heard to consider go with IPO to New York.
For reference, the head of HKEX at the Davos-based Wolrd Economic Forum expressed doubts regarding the possible listing of the crypto mining companies on the platform.
It should be mentioned that the widely discussed crypto winter affected mining sector heavily. Bitmain and other industry leaders faced financial problems. Still, business recovery gives reasons to expect restoration of investors' confidence.
In this situation, Ebang, another producer of crypto mining capacities announced its production targets at 400,000 devices.
Notably, Bitmain and Ebang, major Canaan’s competitors, both decided to conduct IPOs in September 2018 and June 2018, respectively. In December, Ebang reported a notable downturn in revenue and gross profit over Q3 2018. Bitmain, in its turn, faced some $500 million losses during the same period.