Canaan Ends 1st Week on Nasdaq in Red, Bitmain Promotes Rigs Ahead IPO

Bitmain Exchange IPO Mining

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Sead Fadilpašić

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Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 26, 2023 06:53 EDT

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The second largest producer of Bitcoin mining equipment, China-based Canaan, ended its first week on the Nasdaq exchange in red, while its main rival, another Chinese giant that is reportedly working on its own initial public offering (IPO), Bitmain, confirmed its plans to introduce two new types of mining rigs and launch repair centers worldwide.

As reported, Canaan (CAN) completed its IPO on November 21, raising USD 90 million, after pricing its IPO at the bottom of its marketed range (USD 9-11). On the same day, their shares started trading on the Nasdaq exchange, becoming the first mining company that went public on a major stock exchange. However, their share price dropped below the IPO price in the first hours of trading and has not exceeded the USD 9 mark in the first week of trading. At pixel time (16:05 UTC), it trades at USD 8.03.

The largest daily volume seen so far was on the first day, with above USD 4 million, followed by USD 1.1 million on November 25, and it dropped to USD 132,555 on November 27.

CAN price chart:

Meanwhile, Jihan Wu, who recently returned as the CEO of Bitmain, that reportedly filed for a U.S. IPO last month, is also on the move. Bitmain shared a blog post just recently discussing highlights from the World Digital Mining Summit, confirming once again that Bitmain will bring two addition to its Antminer 17 series, namely the Antminer S17+ and T17+. The reason behind this, he said, is the industry’s changing demands, and he added that Bitmain’s research and development team made improvements in the design of future mining hardware models.

The announcement first came out in October, saying that the new miners will bring improvements to power efficiency and hash rate, and explaining further that:

• the Antminer S17+ has a hash rate of 73 TH/s, operating with a power efficiency of 40 J/TH + 10%,
• the Antminer T17+ has a hash rate of 64 TH/s, operating with a power efficiency of 50 J/TH + 10%.

Additionally, Wu shared in his speech that, as mining rig repairs take too much time, by the end of this year, Bitmain plans to launch repair centers worldwide in order to reduce the turnaround time for repairs to three days.

Meanwhile, as China’s crackdown on crypto trading continues, as reported recently, China’s National Development and Reform Commission removed Bitcoin (BTC) mining from the list of industries that might be eliminated.