Chinese Bitcoin Mining Giant Caanan Secures Several Hundred Million in Funding

Canaan Creative, a Chinese computer hardware company that produces integrated circuits of Bitcoin mining, has raised several hundred million US dollars in their most recent round of funding. The news broke on March 11 after Securities Times, a Chinese financial news agency, announced that Canaan Creative’s company valuation is now over one billion USD.

As of September 2018, the Chinese company became the world’s second largest cryptocurrency mining hardware manufacturer, after Bitmain. Most of the products offered by the company fall under something they call the “Avalon Project” product line that was first launched in 2013. Since 2013 the Avalon Project continued to update their ASIC mining chips, offering newer versions.

In August 2018, Canaan Creative announced a new and somewhat controversial product called the “AvalonMiner Inside”. This product is a Bitcoin mining television, essentially a TV with a Bitcoin mining chip inside. The TV was equipped with A3210 16nm ASIC chips that are capable of 2.8 trillion hashes per second; that’s some impressive processing power.

The move was certainly a bold one and one that would get people talking about Canaan Creative. Opinion on the new product was split. Some people thought the idea of a TV that could mine Bitcoin was genius, and others thought it was hype over nothing. The TV’s themselves were good in terms of tech, they offered 4K resolution, 8 million pixels and 42 inches of screen; however, the concept is a little too weird for some people.

China-based Bitcoin analyst Xiao Lei said:

“It looks more like hype. It will be more meaningful if these companies are able to embed the mining function into existing major TV brands.”

Despite being the second largest mining hardware manufacturer in the world, Canaan Creative has had a few hiccups along the way. In 2016 Chinese manufacturer Shandong Luyitong were in acquisition deal discussions with Canaan Creative, but the deal ultimately fell through. In November 2018 their request to go public on the Hong Kong Stock Exchange lapsed after a 6-month wait.

However, it seems the mining giant isn’t too deterred; In January 2019 they announced they were aiming to get on the New York Stock Exhcange in the first half of 2019. Little information has been released since, and in January it was reported that deliberations were still in the early stages.