Crypto Chip Maker Nano Labs Pops, Then Plunges, in New York IPO

The crypto mining chip maker’s stock got off to rocky start after it slashed the size of its initial public offering amid a cryptocurrency meltdown Key takeaways: Nano Labs shares rose in their Tuesday trading debut, but then tumbled the next day, after the company raised $20 million in a U.S. IPO The company derives most of its revenue from chips used for mining a lesser-known digital currency whose value has plunged, but is shifting its focus to the metaverse  By Warren Yang It’s no-brainer that the latest meltdown in…

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Latest Bitcoin Meltdown Pressures Chinese Crypto Companies

The recent massive selloffs in bitcoin and other crypto currencies have left Ebang, Canaan and BIT Mining coping with tanking share prices and dire business outlooks Key Takeaways: Ebang, a maker of cryptocurrency mining machines, has been warned about potential delisting from the Nasdaq after its stock remained below $1 for a prolonged period Rival crypto mining equipment maker Canaan repurchased warrants it issued last year after its stock plunged to levels well below the exercise price By Warren Yang The recent meltdown in cryptocurrency markets is shaking up the…

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Covid Bites Canaan in First Quarter, But Advance Orders Bode Well for Second

Leading crypto mining machine maker aims to ride the recent bitcoin slump by allocating more resources to its own mining Key Takeaways Canaan’s first-quarter sales more than tripled, but Covid-related disruptions prevented it from meeting its own previous guidance Despite allocating more resources to crypto mining, Canaan’s crypto assets remain a fraction of its sales By Rajiv Sekhri Canaan Inc. (CAN.US), one of the world’s largest bitcoin mining machine makers, looked impressive last week when it reported its first-quarter revenue rose 237% year-on-year. The huge jump seemed quite positive, especially…

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Canaan Turns to Bitcoin Mining Even as Crypto Hunters Face Mounting Challenges

The crypto mining machine manufacturer added mining to its portfolio after revenue from its main business dropped for two consecutive years Key takeaways: •      Canaan has entered the bitcoin mining business with deals to jointly operate facilities in Kazakhstan •      The move comes as such mining operations become increasingly difficult due to growing bans by individual countries, often worried about strains on their energy infrastructure By Warren Yang Why only sell cryptocurrency mining machines to others when you could just as easily use them to seek out your own new…

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BIT Mining’s Rapid Move into Crypto Space Shows Early Signs of Depth

Former lottery ticket seller’s stock follows highly volatile bitcoin price, as its new business model shows positive results Key points: To survive in its new form as crypto miner BIT Mining must grow as quickly as possible, control costs, and efficiently integrate its acquisitions The company must also steer clear of Chinese oversight, become greener, and accept that its destiny will often be shaped by forces beyond its control By Ben Livesey The recently minted BIT Mining Ltd. (NYSE: BTCM) is doing what it says on the label – mining…

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