The cryptocurrency mining machine maker missed a market boom last year, and is ramping up its own bitcoin production just as the sector shows signs of stumbling
Key Takeaways:
- Canaan boosted its bitcoin production by about 10% in March from February after a bitcoin “halving” event last year dampened demand for its mining machines
- The company’s stepped-up mining efforts come as the crypto market enters a new phase of uncertainty created by recent U.S. protectionist policies
By Warren Yang
It’s named for the biblical Promised Land, but Canaan Inc. (CAN.US) seems stuck far from paradise these days, even as the crypto market around it boomed last year. The cryptocurrency mining machine maker’s…
