Mining manufacturer Canaan Creative reported a net loss of $ 148.6 million in 2019. The company made an IPO last year, and the value of its shares has been steadily declining, currently 61% below its offer price.
However, the mining equipment produced by Canaan is responsible for securing 20% of the hash rate of the Bitcoin network. It remains to be seen how reducing block rewards will affect the company’s evolution.
Based on information advertised by authorized Canaan dealers, several Avalon 10 models are currently for sale. Unfortunately, the miners reduced their purchases due to the effect of the COVID-19 pandemic.
Also, the company was recently sued by an investor who bought shares and then accused the company of making misleading statements about its financial operations and data and violating US securities laws.
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