NASDAQ-listed ASIC mining manufacturer Canaan Inc. plans to accumulate Bitcoin directly and optimize its revenue streams by expanding into self-hosted mining operations.
The Chinese hardware producer, which currently has a market cap of over $1.3 billion and projected Q2 revenues of $250 million, is venturing into Bitcoin mining.
According to the press release shared with Crypto Briefing, the company’s decision is motivated by the volatility in Bitcoin prices and fluctuating demand for machines.
