The Rise of Canaan: Top 3 Surprising Facts About the Company
Technology company Canaan manufactures hardware with high computing power for blockchain technology. The company now competes with large organizations that specialize in the production of mining equipment. For example – Bitmain. Canaan has an unusual history, so we've gathered three important facts about it for you.
Fact One: Pioneers
The organization produced the first bitcoin mining machine. This happened in 2013. The equipment was powered by a special purpose integrated circuit (ASIC). This event had a favorable impact on BTC mining.
Researching nuances in design, semiconductors, and maintaining a network of trusted strategic partners have all allowed Canaan to advance in the mining industry and join the top companies producing mining equipment.
Nangeng «NG» Zhang is the founder of Canaan Inc. This native of the «Celestial Empire» also holds the position of CEO, Chairman of the company. The company is headquartered in China. Thanks in large part to «NG» Canaan remains one of the leading suppliers of the latest mining equipment. This man has ushered in the era of ASIC miners.
Fact two: the course towards Kazakhstan
Canaan made a bet on its Chinese neighbor: last year the company deployed about ten thousand mining installations in Kazakhstan. Representatives of the company told about it in one of its press-releases. According to the information of December 31 last year, Canaan has deployed and launched 10,300 units of equipment for mining virtual coins.
The model of the devices is the AvalonMiner. The equipment can generate a total power that equals up to 850,000 Tx/sec.
Recall that Kazakhstan is in third place on the amount of power used to mine bitcoins, according to research by the Cambridge Centre for Alternative Finance.
The company's first mining farm
Canaan has opened its first virtual currency mining farm in Kazakhstan. We are talking about a separate data center with Avalon model devices.
Nangeng Zhang hopes that this step will help Canaan move more confidently towards the financial health of the company.
According to «NG», need to develop industry resources and fruitful work in general. In this way, the capacity needed to produce cryptocurrencies is updated and increased. There is a chance that in this way Canaan can protect itself from the volatility of BTC. Therefore, the company is restocking this virtual coin. To be ready for its growth in the crypto market.
Canaan creative launched its first 55nm Asic miner in 2014. In 2015, the company mass-produced its 28th Asic miner.
In 2016, Canaan launched its first 16-million Asic chips and received certification from China's national high-tech enterprise. In 2017, Canaan released its second-generation 16nm Asic chips.
- On November 21, 2019, creative company The Canaan was listed on Nasdaq and raised $90 million in a U.S. IPO, making it the first successful IPO of a Chinese independent artificial intelligence chip company in the United States.
- In 2020, Canaan invested in research and development for the 5nm process, released its second-generation AI chip, and released its third-generation AI chip.
- One of Canaan's goals is to research the evolution of advanced technologies, which include AI algorithms, system-on-chip (SOC) AI chips, AI architecture, and chip integration.
- Two years ago, the company's stock began trading through an intermediary organization, NASDAQ. So far Canaan has continued to work with this partner. The mining company's revenue for the third quarter of 2021 was $204 billion before taxes.
The company's products are
1. The AvalonMiner 1146 Pro was introduced to the public in 2020. The equipment can reach a hash rate of 63 TH/s. At the same time, it demonstrates a good value of energy efficiency - 3276 kW∙h.
The developers believe that this model will increase the profitability of bitcoin mining and find a balance between electricity costs and high power indicators.
2. A1346 equipment produces a hash rate of 110 TH/s. At the same time the equipment has an energy efficiency of 30 J/TH.
The other, more recent model has the following figures: 130 TH/s and 25 J/TH.
By the way, the flagship, shown in April of this year, has a lower efficiency: 100 TH/s at 35 J/TH.
3. Canaan Avalon 1047 37TH/s, according to reviews on Amazon.com, has an above average performance (score 3.7). On the plus side, it has high performance. From the minuses: too much noise, the lack of components in the kit, the difficulty of setting up the equipment and synchronization with the wallet.
With other devices of the company you can find on the official website Canaan.
Canaan's problems in the U.S.
Three years ago, the firm (the first among mining companies) went public on the international stock exchange. In 2019, the company announced it would open a virtual coin mining venture in the United States. However, the U.S. Securities and Exchange Commission (SEC) reconsidered its attitude towards Canaan. And the company landed on a preliminary list of Chinese entities to be delisted from U.S. exchanges.
Images taken from Canaan's official website.