Chinese Bitcoin Mining Firm Canaan Acquired for $422 Million

Chinese Bitcoin Mining Firm Canaan Acquired for $422 Million

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Chinese bitcoin mining organisation Canaan Creative (more ordinarily famous by a code Avalon), is being acquired for a reportedly elegant sum of ¥3.06bn, approximately $466 million.

It creates for a important business understanding in a bitcoin mining industry, maybe a many important yet. Beijing-based Canaan Creative, famous for a bitcoin mining chip code Avalon is being acquired for a reported ¥3.06bn (approximately $466 million) in what clearly sets a miracle as a biggest merger in a attention to date.

Canaan Creative will be acquired as a whole by wiring manufacturer Shandong Luyitong (LYT), in a money and batch deal, according to rumors.

N.G. Zhang, Founder and CEO of Canaan Creative reliable a conjecture on a firm’s website, stating:

Yes, it is true. Canaan is being acquired by LYT, an wiring company. This understanding is a opinion of certainty in a 3 years of products and services we invented and released.


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