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  • With this investment, Canaan is now valued at over $1 billion.
  • Cannan is looking to undergo the IPO process again in New York in Q2 2019.

Canaan Creative, one of the biggest crypto mining equipment manufacturers in China, has raised “several hundred million U.S. dollars” in a new funding round. Chinese financial news publication, Securities Times, reported that the company, known for its Avalon line of mining devices, is now valued at over $1 billion, saying: “This is great news for Canaan as their attempt at clinching an initial public offering (IPO) in Hong Kong failed a few months ago in November.” Reports have subsequently emerged that Canaan could undergo the process again in New York in Q2 2019.

This news has come at a time when the hype around mining has cooled down considerably. Their main competitor Bitmain had suffered losses of $500 million in Q3 2018 based on financial reports. Another Bitcoin miner manufacturer, Ebang Communications, reported: “significant decreases in revenue and gross profit” for Q3 2018.