$Canaan Inc.(CAN)$
Average Upside Potential of Canaan Inc. : 41.64%
Canaan Inc. (NASDAQ:CAN) is the world leading manufacturer of Bitcoin miners. The firm created the world first ASIC Bitcoin miner and is also the first mining machine manufacturer to be listed on the Nasdaq. The firm remains dedicated to developing and selling Bitcoin mining machines and related services. While Canaan has headquarters in Singapore, it operates offices in China, North America, and Central Asia.
Canaan is a global company with its machines sold in 21 countries and regions around the world. The firm supports Bitcoin mining for major public companies including Cipher Mining, Marathon, Digital Holdings, and Stronghold Digital Mining. These firms have deemed Canaan machines as the top-performing rigs in their fleet as well as one of the miners (A1346) offering an attractive value proposition with remarkable hash rate, energy efficiency, and competitive pricing.
For 2024 second quarter, Canaan Inc. (NASDAQ:CAN) posted revenues of $71.9 million, exceeding the previous guidance of $70 million, and rose 104.8% sequentially. The top-line performance was despite the Bitcoin halving event, primarily driven by the concentrated delivery of A14 products accounting for the largest share of the firm revenue. The new A1566 product has also gotten active customer orders since its launch. The firm saw itself on a trajectory of renewed growth as it remained confident in opportunities presented by Bitcoin and the beginning of a bull market, as it closed the quarter.
With an average upside potential of 41.64%, Canaan Inc. (NASDAQ:CAN) ranks as a top cryptocurrency stock. The firm is a leading provider of Bitcoin miners with a solid global presence.
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