Canaan Creative selling off old mining gear

The problem with mining cryptocurrencies is not a new one. It is no secret that most f the companies that used to deal with mining business are now selling all of their outdated hardware stock. The problem here is the fact that the miners are not being sold in units, in fact, they are being sold in weight.

However, there is still a company that has decided that selling them in units is still a decent deal. A company by the name of Canaan Creative, which is the world’s second-largest mining company is now selling all of the mining machines it used in the past.

Is it a good deal?

There’s a twist to their offer however, as they have decided that selling the items one by one was not a feasible business idea, therefore if you are in the market for an AvalonMiner 851, it will cost you more than $7,000 to buy it with Canaan Creative as it is only selling the hardware in bulk. The minimum you can buy is 20 pieces.

Contrary to some belief, there are some people celebrating the drop in prices in cryptocurrencies. One of them is the representative of Canaan Creative, Steven Mosher. Who claims that the drop in prices in cryptocurrencies is what makes their mining hardware so cheap. Therefore he implied that an increase to crypto would also increase the price of the hardware. Although it might seem like a good idea for smaller crypto firms, it was already documented by Bloomberg that more than 1 million nodes have been switched off since September, as prices continue to fall rapidly.

What is Canaan Creative?

The first ever Microchips for the Bitcoin-specific ASIC were created by Canaan Creative in 2014. This was a year after they were founded in Beijing, China. Back then the Microchips were a marvel of engineering as they were able to produce about 7 gigahashes per second. Right now, the maximum a Microchip can handle is 30 gigahashes.

Even though the company had numerous tries to IPO, they were denied most recently by the Hong Kong stock exchange. 2016 was the last time they tried a listing by purchasing an electronics company but were denied once again.

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Konstantin Rabin

About the Author: Konstantin Rabin

Konstantin has been working in the financial services industry since 2011. He is over-viewing various updates in the technology, regulation, and market movements. He's passionate about games and has a cute cat named Dog.

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