Nikolas Sargeant
As per a recent South China Morning Post report, the A1566 model is the newest addition to Canaan’s esteemed Avalon A15 series, designed to assist miners in navigating the decreased rewards resulting from Bitcoin’s recent halving event.
Previously, Miner Mag highlighted that several public mining entities, such as Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf, encountered a 6% to 12% reduction in Bitcoin production in April following the halving event.
Hut 8, a prominent North American Bitcoin mining firm, reported a notable 36% decline in proprietary Bitcoin production in their latest monthly update, mining only 148 BTC in April compared to March.
Canaan's vice president David Hui remarked, "The bitcoin halving poses a challenge, yet also presents an opportunity. That's why we strategically chose this moment to unveil our new bitcoin-mining machines, aiming to support miners during this period of halving."
In the previous fiscal year, Canaan witnessed a 67.5% decrease in total revenue, amounting to $211.5 million, and a 71.5% drop in mining equipment sales, totaling $175.9 million. These declines were attributed to reduced equipment prices and softer market demand, as outlined in the company’s financial report.
