The company's shares have risen by 17%, but this is still several times cheaper than the initial offer price

On June 2, the manufacturer of bitcoin mining equipment Canaan introduced a new device AvalonMiner 1146 Pro, which was announced on its Twitter account. The miner is able to generate a hashrate of 63 TH/s, the energy consumption will be 3276 Watts.

Representatives of the company noted that the updated model will improve the efficiency of cryptocurrency mining. The weight of the device is 14.5 kg, and the warranty will be valid for 180 days.

Canaan's stock prices reacted positively. On June 2, they rose by 17%, from $2.2 to $2.5, at the moment rising to $3. However, this is 72% lower than the initial offer price of $8.99, held in November.

In the first quarter of 2020, demand for miners decreased, which caused Canaan to suffer losses of $5.6 million. The company presented financial statements, according to which revenue from January to April was $9.4 million, 44.6% higher than last year. At the same time, expenses exceeded $15 million. This is due to the fact that in order to increase sales, Canaan has reduced the price of devices by almost 2 times.