CryptoNow
  • Home
  • Market
  • Technology
  • Business
  • Blockchain
  • Regulation
  • Reviews
No Result
View All Result
CryptoNow
  • Home
  • Market
  • Technology
  • Business
  • Blockchain
  • Regulation
  • Reviews
No Result
View All Result
CryptoNow
No Result
View All Result

Wall Street predicts Bitcoin mining rig manufacturer Canaan could see its value increase

A Fivefold Surge in Bitcoin Mining Rig Market?

May 6, 2025
in Coins, Mining, News, Technology
A A
Dalintis FacebookDalintisShare on Twitter
Singapore-based Bitcoin mining ASIC chip and rig developer Canaan (CAN) has faced challenges but could see significant upside, according to Benchmark analyst Mark Palmer.

On Tuesday, Palmer initiated coverage of Canaan’s ADRs with a buy rating and a $3 price target. The stock closed at $0.62 yesterday, reflecting a 72% decline year-to-date.

Palmer highlighted Canaan’s dual strategy: advancing ASIC Bitcoin chips and rigs while expanding its self-mining operations, particularly in the U.S.

“CAN’s vertically integrated approach sets it apart in the Bitcoin mining industry, allowing it to benefit from both hardware sales and proprietary mining revenue,” Palmer wrote.

Canaan’s focus on home mining rigs has broadened its revenue streams, he noted.

The company is also scaling its self-mining operations in the U.S. and globally.

“Although just 16.3% of its 2024 revenue came from self-mining, Canaan aims to boost its computing power to 10 EH/s in North America and 15 EH/s worldwide by mid-2025,” Palmer added.

Canaan currently holds 1,408 Bitcoin, valued at approximately $133 million—nearly 70% of its market cap—which Palmer believes strengthens its valuation.

Tags: BitcoinBTCCrypto exchangeCryptocurrency

Related

Meta Investors Reject Bitcoin Treasury Review Proposal

June 2, 2025

Meta recently explored the possibility of allocating a portion of its cash reserves to Bitcoin, the world's oldest and most...

Opera Neon: The Future of AI-Powered Browsing

June 2, 2025

Opera has unveiled Opera Neon, a groundbreaking AI-powered browser designed to be agentic, meaning it can understand user intent and...

Gemini Powers Bitcoin Mining with Tesla Cybertruck

June 1, 2025

At the Bitcoin 2025 Conference, Gemini unveiled a live demonstration merging electric vehicle technology with Bitcoin mining. The company presented...

Ross Ulbricht’s prison memorabilia and artwork fetch $1.8 million in Bitcoin at auction

June 1, 2025

The auction featuring personal belongings of Ross Ulbricht, the Silk Road founder pardoned by President Trump earlier this year, has...

7 Best Cryptocurrency mining servers

May 30, 2025

Cryptocurrency is a digital or virtual currency that uses cryptography for security. Unlike traditional currencies (like USD or EUR) issued...

News

Reviews

What is Cryptocurrency? A straightforward explanation

May 11, 2025
Coins

Pi Network Under Fire

May 22, 2025
Blockchain

Looking to invest in Cryptocurrency? Here is a Step-by-Step Approach

May 24, 2025
Blockchain

How to Mine Crypto at Home in 2025?

May 11, 2025
Asset 1CryptoNow
Categories
  • AI
  • Blockchain
  • Business
  • Coins
  • Finance
  • Interesting
  • Market
  • Mining
  • News
  • Regulation
  • Reviews
  • Technology
Tags
AI Altcoin Android Avalanche Binance Binance Coin Bitcoin blockchain BNB BTC Chainlink ChatGPT Coinbase Coindesk CoinGecko crypto Cryptocurrency Crypto exchange DOGE Dogecoin ETF ETH Ethereum Halving Hash rate Meta Mining Mobile news OpenAI pi coin pi network reviews RIOT Ripple Samsung SHIB Shiba SOL Solana technology Telegram TON USA XRP
  • Newsletter
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Market
  • Coins
  • News
  • Mining
  • Technology
  • Blockchain

CryptoNow.