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Canaan Launches New Mining Machine at Bitcoin Asia 2024 Conference
At the recent Bitcoin Asia 2024 conference, Canaan unveiled its latest mining machine, the A1566 model. This new addition to Canaan’s flagship Avalon A15 series is designed to assist miners in adapting to the reduced rewards resulting from Bitcoin’s most recent halving event.
Impact of Reduced Mining Efficiency Post Halving
Public mining companies such as Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf reported a decrease in Bitcoin production ranging from 6% to 12% in April following the halving event. Hut 8, a North American Bitcoin mining company, experienced a significant 36% drop in proprietary Bitcoin production in April compared to March, mining only 148 BTC.
Canaan’s Response to the Bitcoin Halving Challenge
David Hui, Canaan’s vice president, emphasized the importance of innovation during challenging times, stating, “The bitcoin halving is a challenge, but also an opportunity.” Canaan strategically launched their new bitcoin-mining machines to support miners during this period of reduced rewards.
Hong Kong’s Introduction of Spot Bitcoin ETFs
Canaan’s chairman and CEO, Nangeng Zhang, highlighted the positive developments in the market, particularly the approval and listing of spot Bitcoin ETFs by Hong Kong Exchanges and Clearing Limited (HKEX). This marked a significant milestone in the Asian market, with China Asset Management Co., Harvest Global Investments, Bosera International, and HashKey Capital as the issuers of the spot ETFs.
The spot Bitcoin ETFs attracted $230 million in assets under management (AUM) within their first week, demonstrating strong investor interest. Data from the Hong Kong Stock Exchange revealed that the AUM of virtual asset spot ETFs surpassed that of virtual asset futures ETFs by nearly 80%, reaching $273 million.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
