ASIC chip manufacturer Canaan Creative is closing the gap between itself and industry leader Bitmain after a massive infusion of capital.

In its latest funding round, the Chinese mining company has raised several hundred millions of dollars, Chinese publication Securities Times reports. Dubbing Canaan Creative as the second-largest mining firm in the world, the publication notes that the funding has raised the company’s overall valuation to $1 billion.

This influx of capital comes after an explosive period of growth for the industry’s second-largest mining manufacturer. According to Securities Times, the company sold 9,727 units in 2015, a number that would grow thirtyfold to 295,000 in 2017. Its 2015 sales generated some $7.1 million in revenue and $2.25 million in net profit. By 2017, its sales would rake in $193 million in revenue and $53.8 million in net profit.

These numbers, which surfaced from a Canaan Creative IPO prospectus that failed to substantiate into an actual sale after the application expired, show that the…

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Source: https://thebitcoinnews.com/valued-at-1-billion-canaan-creative-is-encroaching-on-bitmains-dominance/