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Bitcoin Miner Maker Canaan’s Stock Hits Record Low 1 Month After Halving


Bitcoin Miner Maker Canaan’s Stock Hits Record Low 1 Month After Halving

Shares of Canaan Creative, one of the few publicly traded crypto miner manufacturers, plummeted below $2, their lowest after going public in November. The Nasdaq-listed stock has been steadily falling since the bitcoin halving on May 11, according to data from Yahoo Finance. It closed at $1.98 at the end of the trading session Monday, down 3.9%. The China-based crypto miner maker is trying to make a comeback after the halving damped demand for its machines and logistics disruptions caused by coronavirus hurt first-quarter sales. Demand for crypto mining machines from some Chinese miners may have begun to soften a few months before the halving in May, Aries Wang, co-founder of crypto exchange Bibox, said. As early as last July, “Some of the earliest Chinese miners started to raise funding from institutional investors and buy new models and phase out old machines so that they would be prepared for the halving,” said Wang, whose company has invested in crypto mining businesses. “Many had already completed the update on infrastructure such as mining sites and miners before the end of February.” Read More...