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Invest in the Gold Standard of Crypto Mining with Canaan Stock

Some investors might recognize Canaan (NASDAQ:CAN) as a premier developer and manufacturer of Bitcoin (CCC:BTC-USD) mining machines. If you’re not super familiar with CAN stock, then you’re in for a treat.

web browser showing Canaan (CAN) logo on website


To put it mildly, Canaan’s machines are capable of processing tremendous amounts of crypto hash power. As a result, the company is quickly becoming a go-to source for powerful Bitcoin mining rigs.

Admittedly, CAN stock could come under pressure if the Bitcoin price continues to decline. Consequently, investors will want to keep an eye on the cryptocurrency market in addition to the stock.

That being said, there’s reason to believe that Canaan is diversifying beyond crypto mining equipment. Indeed, a value-added partnership could position Canaan at the forefront of a distinctly tech-forward niche market.

CAN Stock at a Glance

If you can believe it, CAN stock has a 52-week range of $1.76 to $39.10. This fact should give you an indication of how fast the stock can move.

Therefore, please don’t take a massive position in Canaan shares. It’s okay to like the company and invest in it, but the potential for volatility means that investors aren’t supposed to “load the boat.”

As recently as January of this year, CAN stock was trading at the $5 level. As the Bitcoin price ascended, however, Canaan shares rose in tandem.

The $39-ish pinnacle was reached on March 11. After this, a sharp decline followed.

That’s not bad news if you’ve been sitting on the sidelines, or if you’re just discovering the stock now.

As of June 3, CAN stock traded at $10.89 and appeared to be trending upwards.

The share price isn’t 100% correlated to Bitcoin or any other cryptocurrency, but Canaan could nonetheless be an indirect way to invest in the progress of digital currency.

Small, Yet Powerful

Canaan offers a number of different Bitcoin miners with various levels of power and features.

The company’s top-of-the-line beast of a Bitcoin miner, however, is the AvalonMiner 1246.

This machine offers a hash rate of 90 terahashes per second (TH/s), plus or minus 3%. That’s pretty astonishing, and should impress any crypto gear-heads out there.

I guess you could call the AvalonMiner 1246 a little powerhouse, though, as its dimensions and specifications are surprisingly modest:

  • Power efficiency: 38J/TH (-5%~+8%) at 25 degrees Celsius
  • Maximum noise: 75 decibels
  • Net weight: 12.8 kilograms
  • Net dimensions: 331 millimeters (mm) x 195 mm x 292 mm

Those specs should convince the skeptics that AvalonMiner 1246 is the gold standard among Bitcoin miners.

It shouldn’t be too surprising, then, that this particular model is a strong seller. For instance, Mawson Infrastructure Group (OTCMKTS:MIGI) recently ordered a whopping 11,760 A1246 ASIC AvalonMiners for 2021.

Moreover, Genesis Digital Assets Limited ordered up to $93.63 million worth of A1246 AvalonMiner machines for 2021.

Technology with Many Applications

While Canaan is clearly making its mark in the Bitcoin mining machine niche, the company is actually diversifying into other areas.

Specifically, Canaan recently entered into a partnership with Japanese tech equipment firm Cathay Tri-Tech.

Together, the companies will introduce an artificial intelligence (AI) facial recognition module, which utilizes Canaan’s Kendryte K210 AI chip, to the Japanese market.

Canaan emphasizes that this chip “was designed specifically for processing machine vision tasks, such as facial and image recognition, as well as different areas of audio processing.”

The company also cited the small size and low power consumption of its AI facial recognition module.

Furthermore, Canaan expects this module to offer an array of applications, including:

  • Facial recognition
  • Vending machines
  • Smart access controls
  • Smart door locks
  • Elevator control systems

And impressively, Canaan Chairman and CEO Nangeng Zhang boasts that his company’s AI facial recognition module “has a recognition accuracy of more than 99.6%.”

CAN Stock: The Takeaway

Granted, CAN stock has fallen from its highest price. That’s not necessarily a long-term problem, though.

Now that Canaan is a proven provider of powerful Bitcoin mining gear — and an ambitious entrant into the AI-enhanced facial recognition tech niche — CAN stockholders should be as optimistic as ever.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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