Canaan is actually the second largest manufacturer of bitcoin excavators in the world. It intends to raise about one hundred million dollars in its first public offering (IPO) in the United States.

Chinese excavator manufacturer Avalon on Wednesday updated its application for the IPO, which is addressed to the U.S. SEC, the Securities and Exchange Commission. It aims to offer ten million American depository shares (ADS), each in the shadows of nine to eleven USD.

Canaan wants to pave the way

If everything goes well, Canaan will gain a hundred million dollars. It will make him the first very large producer of bitcoin excavators, which will enter the stock exchange on the traditional stock market.

With an offer of this size, Canaan will present a diluted market value after the IPO of approximately USD 1.5 billion with approximately 2.3 billion ordinary shares. Each ADS would represent fifteen A Canaan class ordinary shares, according to the updated notification.

In the Canaan Initial Offering, which refers to the initial public offering at the end of October, the company set a substitute amount of $400 million for its IPO-related ambitions. The latest data may still be improved before the final offer on the stock exchange.

Canaan has previously disclosed that its actions have yielded as much as possible profits of thirteen million U.S. dollars out of ninety-five million U.S. dollars in revenue for the third quarter of 2019. A net loss of forty-five million U.S. dollars alone has been reported for the first half of 2019.

BTC Digging Market

As you can see in the attached picture, companies from the BTC minding market become professional and enter a new market boldly in the area of financing their activities. The cryptocurrencies digging itself has also come an incredibly long way. Today it is considered to be more and more economical and ecological. Renewable energy sources are also increasingly being used for the extraction of BTC. This means that critics of digital currencies are losing their main weapon against the fact that they are harming the environment as much as possible. According to recent studies, even BTC mines are increasingly being built near wind farms or other clusters where there is a very large access to RES.

Soon, the Ethereum we know will also be built on Proof-of-Stake. It means nothing else, that the second most popular cryptocurrency will be environmentally friendly additionally in terms of the mining itself, and than BTC.

As we can see on the above market, BTC digging will never cease to surprise us. Whatever, but we should get used to it. This is an extremely dynamic market, which can change in a few hours. Not to mention the prices, which, as the events not so long ago have shown, may shock us. We are unlikely to predict anything.

Travon Temple
Witold Adruszczak CEO of the Bitcoin-Squad.com project for 3 years associated with the crypto industry. This year we have decided on an international project. Our goal is to build Bitcoin awareness in the world. Education and support for people with no experience in the new industry which are cryptocurrencies. If you need more support please write in the comment. For all I always try to answer questions under the articles.