Canaan shares surge after 50,000-rig Bitcoin mining deal

Canaan’s 50,000-rig deal, its largest in more than three years, signals a renewed US appetite for Bitcoin mining, according to the company’s CEO.

Canaan Inc. shares jumped more than 26% in early trading Thursday after the crypto mining firm landed a 50,000-rig order.

Canaan said that a US-based company purchased the latest-generation “Avalon A15 Pro” mining machines, an institutional-grade Bitcoin mining rig. The buyer was not disclosed, but the sale was reported as Canaan's largest in over three years.

The company’s CEO, Nangeng Zhang, said the sale highlighted both companies’ “confidence in the long-term growth” of Bitcoin mining and the “demand for highly efficient, next-generation infrastructure.”

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