Bitcoin mining equipment maker Canaan skyrockets 41% as BTC passes $50,000 for the first time

Bitcoin mining equipment maker Canaan skyrockets 41% as BTC passes $50,000 for the first time

Reported by Business Insider

• “Bitcoin miner Canaan Creative is soaring amid a run on cryptocurrencies and a crypto mining machine shortage.
• Shares jumped as much as 41% on Tuesday before paring gains.
• Canaan says customers have ordered over 100,000 bitcoin mining machines through 2021.

Shares of bitcoin mining equipment manufacturer Canaan Creative skyrocketed as much as 41% on Tuesday as bitcoin passed the $50,000 mark for the first time.

Canaan’s stock has seen monumental price appreciation over the past six months, rising over 770% amid a historic run for cryptocurrencies and a shortage of crypto mining machines.

The Beijing-based company expects to benefit from higher bitcoin prices in 2021 as the cryptocurrency’s rise continues to spark increased demand for mining machines that suppliers can’t meet. The shortage will likely lead to higher premiums for Canaan’s in-demand products.”

Read the full story at Business Insider.