Canaan Inc. – one of the largest digital currency mining companies in the world – is unveiling its new crypto mining machine known as the Avalon Made A13 series.
Canaan Inc. Is Introducing a New Type of Mining Machine
The machine is powered by ASIC technologies and will come in two separate forms. The first is Model A 1346, which features a hash rate of more than 110 TH/s. The second, known as Model A 1366, boasts a hash rate that exceeds 130TH/s. Both machines feature not only improved power efficiency, but also enhanced computing power.
Nangeng Zhang – the chairman and chief executive officer of Canaan – said in a recent interview:
The launch of our new generation bitcoin mining machine is a key research and development milestone as we take our pursuit of higher computing power, better power efficiency, superior user experience, and optimal cost effectiveness to a whole new level. We are now working around the clock across the supply chain to prepare for future purchase orders and deliveries of the new products to our clients worldwide. While the current challenges in the industry persist, the fundamental values and the long-term growth prospects of bitcoin and the supercomputing industry remain strong. We believe that our new generation products will enable us to better fulfill our mission of supporting the bitcoin ecosystem by providing superior products, solutions, and services.
Under normal circumstances, news like this would be very significant and powerful. The trouble is it’s coming at a time when bitcoin and crypto mining appears to be losing wind. Right now, the crypto space is falling like it never has before.
Bitcoin, for example, is the world’s number one digital currency by market cap, and it’s lost more than 70 percent of its value in the past year. The currency was initially trading at a new all-time high of about $68,000 per unit in November of last year. Now, it’s struggling just to maintain a position in the low $19K range. It’s a sad and ugly sight to see.
The Space Isn’t Doing Too Well
Overall, the crypto space has lost more than $2 trillion in valuation in just the last few months alone. As a result, the mining space is really taking several hits at once, and the industry is crashing and burning before our very eyes. Many have been forced to leave the space as it’s now much more expensive to engage in mining and extract units of crypto from the blockchain, and the rewards are not outdoing the costs unless they have top-of-the-line equipment, in which case they’re usually only breaking even.
Canaan Inc. is about nine years old, having been established in 2013. Initially, the company focused primarily on chip design, though the enterprise has become one of the biggest manufacturers and distributors of crypto-based mining equipment in the world.