Chinese Mining Hardware Maker Canaan's Shares Soar 80%
Main page News, China, Mining

The shares of the Chinese crypto mining hardware maker jumped over 80% on the NASDAQ yesterday.

The company's shares, which trade under the CAN ticker, closed the trading session at $8.04, registering this way a 82.73% increase.

The price of the company's shares at the beginning of the trading session was $4.42, however, it reached $8.69 at some point, Yahoo! Finance has reported.

The performance of the company's shares has not been too good since its IPO on the NASDAQ in November 2019. Since then, Canaan's shares have lost around 50% of their value, reaching an all-time low of $4.31.

The Block's analyst Matt Yamamoto has said the coronavirus epidemic has had a negative impact on many Chinese firms, including crypto mining companies. He has also said that Bitcoin halving, which is scheduled for May this year, as well as the desire of miners to replace their old mining devices with more advanced hardware, could be positive for crypto mining giants.

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