Canaan to Debut ‘Groundbreaking’ Bitcoin Mining Product at 10th-Anniversary Singapore Event

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Shortly after Bitmain announced its intention to launch a new bitcoin mining rig at the 2023 World Digital Mining Summit (WDMS) in Hong Kong this September, Canaan, another mining machine giant, hinted at introducing a “groundbreaking” product poised to elevate the BTC mining sphere.

Canaan’s Big Reveal: Setting the Stage for a New Era in BTC Mining?

Canaan, the publicly-traded bitcoin mining rig producer, is gearing up to celebrate its decade-long journey. This Thursday, they disclosed plans for an event in Singapore on September 12, 2023, aptly named “Avalon Bitcoin & Crypto Day.” The event promises to be a hotspot for bitcoin mining bigwigs, with Canaan emphasizing a rich tapestry of “insight exchange, collaborative learning, and networking avenues.”

Meanwhile, Canaan remains tight-lipped about the specifics of its upcoming innovation, leaving people guessing whether it’s a fresh Avalon model. However, their teaser does promise the audience will “witness the debut of a groundbreaking, industry-redefining product that will shape the future of bitcoin mining.” Moreover, Canaan’s online store is showcasing massive discounts on older Avalon models, slashing prices by 77% to 89%.

To put things in perspective, the Avalon Miner A1326, boasting a power of 115 terahash per second (TH/s), which once carried a hefty $8,800 price tag, can now be snagged for just $1,495. This move by Canaan comes on the heels of an announcement from its rival, Bitmain, who also plans a product reveal this September. Bitmain has played its cards, unveiling the name of its upcoming rig as the Antminer S21, touting it as a pioneer with an efficiency below 20 joules per terahash (J/T).

With the mining industry race always moving at a relentless pace, both Canaan and Bitmain seem to be vying to outdo Microbt’s recent addition to the Whatsminer series. The Whatsminer M53S++ boasts an impressive 320 terahash per second (TH/s) and an efficiency of 22 J/T. Notably, Luxor got a sneak peek of the M53S++ in late July, witnessing its capacity overclocked to an astounding 360 TH/s.

In the financial realm, Canaan’s shares have seen better days, with a 13% dip against the U.S. dollar in the past week and a slightly steeper 15% decline over the last month. Since the announcement, however, pre-market values show Canaan’s shares could see a 2% rise during the trading day on August 17, 2023. On a brighter note, Canaan’s year-to-date performance showcases a 17% uptick against the greenback.

What do you think about Canaan’s latest announcement? Do you expect a new Avalon miner will be released? Share your thoughts and opinions about this subject in the comments section below.