Bitmain, seen as leaders in the mining field by many now has some serious competition following Canaan Creative’s successful funding reachout which, according to a Securitie Times report, gives them a billion dollar valuation.
According to the Securitie Times sources, Canaan Creative, who like Bitmain make mining machines, received a large injection totalling several million dollars following a successful period more recently.
The Chinese company’s sustained growth was revealed in their prospectus to the Hong Kong Stock Exchange and saw them going from selling 9,727 units and $2.25 million in net profit. in 2015 to 295,000 units with a $53.8 million net profit.in 2017. In the “2018 Second Quarter Hurun Greater China Unicorn Index” published by Hurun Research Institute, the company value was high, reaching 20 billion yuan ($2,979,100,000 US Dollars).
Bitmain on the other hand have reported losses of $500 million and have seen a large amounts of layoffs after a similarly successful run to prior to the bear market taking in a $82 million profit.. Now, the company seems to be in trouble as reports of backroom changes as well as the potential move by their Co founder, Jihan Wu.
Are we seeing a potential changing of the guard in terms of Bitcoin mining? Perhaps it is too early to tell but it would seem that the momentum is firmly in favour of Canaan Creative. The pendulum may swing in favor for Bitmain should a bull market arrive as the company also mines Bitcoin unlike Canaan Creative. However, whether Bitmain will be around to see the next bull run is up in the air; it would seem that Canaan Creative are here to stay.
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