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Bitcoin miners Canaan shares values at $8.04 after increasing to 80%

After steadily depreciating well into the last quarter of 2019, Canaan certainly rebounded slightly today. The company was the first example of a large Bitcoin miner to go public on Nasdaq. However, after its initial public offering (IPO) on Nov 21, Canaan stock price values dropped nearly 40% within a few weeks.

Some healthy competition may have helped the bitcoin miner to regain some traction in the market. Canaan came out ahead of Bitmain, another major China-based bitcoin miner, to become the first company traded in a US stock market. Unfortunately, this introduced Canaan to the United States with an IPO valued at under 75% of what was expected.

The mining giant’s stock took a beating from its original value $13 on the day of the launch to drop to $5.25 in mid-December. As of closing today, Canaan’s shares are valued at $8.04, a surge of over 80% from its opening price of $4.42.   

Canaan has been facing stiff competition from Bitmain and racing to develop technology to stay on top. Most recently, the company unveiled nanometer chips to improve power and performance.

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin32,348 1.76 % 2.55 % 12.07 %
Ethereum1,249.4 1.41 % 6.07 % 6.62 %
Tether0.9988 0.34 % 0.16 % 0.17 %
Polkadot17.63 2.40 % 7.78 % 33.62 %
XRP0.2722 2.39 % 2.16 % 2.90 %
Cardano0.3485 1.44 % 6.22 % 15.19 %
Chainlink23.49 1.99 % 14.19 % 13.99 %
Litecoin140.36 1.36 % 0.21 % 2.45 %
Bitcoin Cash432.79 1.10 % 0.28 % 11.68 %
Binance Coin41.05 1.45 % 2.94 % 0.12 %