Mining giant Canaan reportedly netted "hundreds of millions of dollars" in funding

12 Mar, 2019
by Richard Allen
Mining giant Canaan reportedly netted hundreds of millions of dollars in funding

Chinese cryptocurrency mining giant Canaan Creative has completed their latest funding round. According to local news outlet Securities Times, the company netted “hundreds of millions of dollars.”

Although Canaan hasn’t confirmed the report, the news outlet cites “informed sources” close to Canaan have said the company completed  a round of financing that totaled “hundreds of millions of dollars.” If this is true, Canaan’s valuation now sits in the billions of dollars.

The news comes as rumors circulate around bitmain’s financial stability. According to sources on twitter, Bitmain may be insolvent and has taken to selling vast quantities of cryptocurrencies in an effort to stave off bankruptcy.

Beginning in November last year, Bitmain has been taking rather drastic measures in the hope of minimizing costs. After downsizing its operations, firing staff and withdrawing from some areas, Bitmain still recorded a $500 million loss in the third quarter of last year.

Read more: Twitter theorizes Bitmain is insolvent, desperate to stay afloat

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