The sustained bear market has hit cryptocurrency miners hard and stalled the incredible growth experienced by hardware manufacturers that service the industry. It seems that investors are still willing to pour significant money into the business, however, judging by Canaan Creative’s latest raise.
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Canaan Creative Now Worth Billions
Canaan Creative Co. Ltd, the Chinese company behind the Avalon lineup of ASIC mining chips and rigs, has successfully completed a round of financing worth hundreds of millions of dollars according to media reports from the Asian country. According to these reports, citing unnamed informed sources, the mining hardware manufacturer has now received a valuation in the billions of dollars following the latest funding round.
Known as the world’s second largest manufacturer of cryptocurrency mining hardware, Canaan Creative was founded back in 2013 and employed up to 200 people in Beijing and Hangzhou by 2018,…