Canaan Launches New Miner Model A1566 at Bitcoin Asia 2024

10 May 2024

in Mining

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Last updated:

May 10, 2024 04:59 EDT
| 1 min read

Canaan has launched a new mining machine at the Bitcoin Asia 2024 conference.

According to a recent report by the South China Morning Post, the new A1566 model marked the latest of Canaan’s flagship Avalon A15 series, engineered to help miners cope with the reduced rewards from Bitcoin’s latest halving event.

Reduced Mining Efficiency Post Halving

Previously, the Miner Mag reported that public mining companies, including Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf, experienced a decrease in Bitcoin production of 6% to 12% in April, following the recent halving event.

The North American Bitcoin mining company Hut 8 reported a significant 36% decrease in proprietary Bitcoin production in their latest monthly update, mining only 148 BTC in April compared to March.

“The bitcoin halving is a challenge, but also an opportunity,” said Canaan vice president David Hui. “That’s why we chose this timing to launch our new bitcoin-mining machines to help our miners get through this time’s halving.”

Last year, Canaan reported a 67.5% drop in total revenue to $211.5 million and a 71.5% decrease in mining equipment sales to $175.9 million, attributing these declines to reduced equipment prices and softer market demand, as stated in the company’s financial statement.

Hong Kong Introduces Spot Bitcoin ETFs

“While we acknowledge the persisting challenges of the ongoing bearish market for mining machines, we draw inspiration from the recent approval and listing of spot Bitcoin ETFs,” said Canaan chairman and CEO Nangeng Zhang.

On April 30, Hong Kong Exchanges and Clearing Limited (HKEX) launched spot Bitcoin and Ethereum exchange-traded funds (ETFs), marking the first of its kind in the Asian market.

China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital are the issuers of the spot ETFs. The Bitcoin ETFs secured $230 million in assets under management (AUM) in their inaugural week.

Based on data posted by the Hong Kong Stock Exchange, the $273 million AUM of virtual asset spot ETFs exceeded the $152 million AUM of virtual asset futures ETFs by nearly 80%.

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