The United Arab Emirates increasingly attracts Web3 companies to its jurisdictions, becoming the center of global crypto innovation.
Canaan secures new financing as revenue falls 55% in Q3
Despite a downturn in its bottom line, the company has secured a deal with an institutional investor to potentially raise $125 million in capital.
Bitcoin to hit $100K in 2024? Canaan VP weighs up 2024 halving opportunities
Canaan vice president Davis Hui believes a supply deficit following the next Bitcoin halving will drive its price past $100,000.
Canaan’s Q2 mining revenue jumps 43% on Q1, but net loss climbs 31%
Bitcoin mining firm Canaan posts second quarter financials, with BTC mining revenue up 43% from Q1 2023, though net losses also rose 31% to $110 million.
Bitcoin miner Canaan’s net loss slightly improved in Q1 amid market turbulence
Diluted net loss per American depositary share in Q1 2023 stood at $0.51, down from $0.55 in the previous quarter.
Stronghold Digital to Add 400 PH/s Capacity Via 4K Bitcoin Miners From Canaan Subsidiary
The machines will be installed in two tranches, one by mid-May and the second by mid-June.
Bitcoin ASIC manufacturer Canaan saw 82% revenue drop in Q4
The firm’s revenue only fell by 14% for the entire year as part of better industry conditions in Q1 and Q2 2022.
Crypto Mining Rig Maker Canaan’s Q4 Revenue Sunk 82% to $56.8M
The firm reported Q4 net loss per ADS of 38 cents compared to $1 for the same period in 2021.
Canaan expects minor revenue drop in 2022 despite crypto mining crisis
Crypto mining firm Canaan expects its annual RMB-denominated revenue to drop less than 15% despite the crypto market cap plummeting 70% in 2022.
Bitcoin miner Canaan scales operations despite low earnings, CEO says
Chinese Bitcoin mining firm Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, but it’s not the end of its business.
Old Bitcoin mining rigs risk ‘shutdown’ after BTC price slips under $24K
New generation Bitcoin mining machines would remain profitable even if the BTC price crashes by another 50%.
Intel To Present Low Voltage, Energy Efficient Bitcoin Mining Chip At Conference
This could be huge. Intel plans to enter the Bitcoin mining space with a cleverly marketed “ultra-low-voltage energy-efficient” ASIC chip. Considering that the chip shortage severely delayed the next generation of ASIC miners, this is tremendous. And, more importantly, it opens up the door for Bitcoin miners manufacturing in the USA. And in the rest of the Western world, even.
Related Reading | Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories
In December, Raja Koduri hinted at Intel’s intention to get into the Bitcoin mining space. Even though he’s the chief architect and senior vice president of Intel’s architecture, graphics and software division, no one expected Intel to deliver so soon.
Intel jumping into the #Bitcoin mining ASIC manufacturing is a huge. We need way more chip fab in the USA. It will result in:
– Improved National Security– Supply Chain robustness
And it will also result in less reliance on Taiwan, who is being threatened by China aggression.
— Dennis Porter (@Dennis_Porter_) January 18, 2022
Details are scarce. There’s nothing on Intel’s official site. A quick search reveals that “Access to additional search results for “bonanza” is restricted”. However, we have the 411 on the project that goes by the code name “Bonanza Mine.”
What Do We Know About Intel ’s “Bonanza Mine”?
The product will be an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.” According to Tom’s Hardware, the page that broke the news, Intel will reveal their new chip at:
“The ISSCC conference is a yearly gathering of the best and brightest minds in the chip industry. This year, Intel has a presentation scheduled in the ‘Highlighted Chip Releases’ category to outline a new “Bonanza Mine” processor, a new chip described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”
Apparently, Intel has been developing the product since at least 2018, when they registered “a patent for a specialized processing system that uses an optimized SHA-256 datapath.”According to Tom’s Hardware, “Intel has a wealth of experience in hardware-assisted SHA-256 algorithms due to the use of these instructions in its CPU products.”
This is huge news!
More competition in the hardware mining sector is welcome pic.twitter.com/C7I1FQJxH6
— Dan Held (@danheld) January 18, 2022
A more recent indication of the company’s intentions came when the already mentioned Intel executive Raja Koduri “appeared on popular streamer Dr. Lupo’s show.” He told him point-blank:
“Being able to do much more efficient blockchain validation at a much lower cost, much lower power, is a pretty solvable problem. And you know, we are working on that, and at some point in time, hopefully not too far into the future, we will kinda share some interesting hardware for that.”
BTC price chart for 01/18/2022 on Bitstamp | Source: BTC/USD on TradingView.com
Why Is This Development Important?
Until now, ASIC Bitcoin miners manufacturing is controlled by Bitmain and Microbt, with Canaan, Strongu, and Ebang handling a minority of the market. All of those companies are Chinese. The chips are all made in Taiwan and South Korea. This poses a centralization problem for the Bitcoin network that seemed unsolvable until Intel’s soft announcement.
Now, the open-source Bitcoin miner that Jack Dorsey’s Block is working on makes a lot more sense. Theoretically, the silicon chip is the only part of an ASIC machine that can’t be bought in a hardware store. With that problem solved, by no less than an industry leader with immense manufacturing power, the sky’s the limit. If this whole thing materializes, expect a huge leap forward in the further decentralization of Bitcoin mining.
Intel, a $220 billion industry leader, is preparing to launch ASIC hardware for bitcoin mining.
Bitcoin is a computer network. Every technology company will eventually plug themselves into it. https://t.co/pbTFiRqx0B
— Pomp (@APompliano) January 18, 2022
Also, Intel’s announcement certainly legitimizes Bitcoin mining as a business to watch for the next 100 years. As podcaster Anthony Pompliano said, “Bitcoin is a computer network. Every technology company will eventually plug themselves into it.” With this announcement, Bitcoin not only gets Intel’s seal of approval. The giant company now has skin in the game.
Related Reading | Intel, Microsoft Took 10+ Years to See Gains, Crypto Investors in Good Position
To close this off, let’s quote Tom’s Hardware one more time:
“For now, it isn’t clear if Intel will release the Bonanza Mine chip as a product for the public or if it remains confined to a research project. However, given that the chip is in the “highlighted Chip Releases: Digital/ML” track and Koduri’s comments, it’s logical to expect that these chips will be offered to customers in the near future.”
So, everything we said is not a done deal just yet. It smells good, though.
Featured Image by Badar ul islam Majid on Unsplash | Charts by TradingView
Crypto Biz: The Rise of the Bitcoin Treasury, Dec. 30–Jan. 6
Michael Saylor’s MicroStrategy showed corporations that holding Bitcoin on their balance sheet is a viable strategy to hedge against inflation.
Bitcoin miner maker Canaan records highest quarterly profit since 2019 IPO
Chinese Bitcoin miner manufacturer Canaan Inc. has reported significant revenue figures for the second quarter of 2021.
Genesis Digital Assets buys 20K Bitcoin miners after $125M raise
Canaan has also granted Genesis Digital Assets an opportunity to buy up to 180,000 additional BTC mining machines.
Shanghai Man: China retains mining control? Alipay’s ancient NFTs and Amber’s big raise
A look at miners shifting hardware overseas, Amber raises $100m, and Bitmain temporarily shuts down sales among dropping hashrate sales.
Nasdaq listed Bitcoin miners urge China to open doors to green mining
The CEO of Canaan Inc called for a less indiscriminate mining ban in China.
Ebang refutes Bitcoin ‘China Hustle’ claims as share price falls 20%
A NASDAQ traded Chinese Bitcoin mining firm has seen its shares fall 20% after a damning short report unveiled some alleged dodgy dealings.
Former Canaan Directors to Guide Chinese Gaming Firm’s Pivot to Crypto Mining
Former directors of Canaan Inc. are investing in the Shanghai firm and will help launch its new mining subsidiary.
Bitcoin Mining Equipment Maker Canaan Sets $10M Buyback Program
The board of directors of bitcoin mining manufacturer Canaan approved a buyback program Monday for its lagging shares.