Some buyers may acknowledge Canaan (NASDAQ:CAN) as a premier developer and producer of Bitcoin (CCC:BTC-USD) mining machines. If you’re not tremendous acquainted with CAN inventory, then you definately’re in for a deal with.
To put it mildly, Canaan’s machines are succesful of processing great quantities of crypto hash energy. As a outcome, the firm is rapidly changing into a go-to supply for highly effective Bitcoin mining rigs.
Admittedly, CAN inventory may come beneath stress 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 presents a hash fee of 90 terahashes per second (TH/s), plus or minus 3%. That’s fairly astonishing, and will impress any crypto gear-heads on the market.
I suppose you can name the AvalonMiner 1246 somewhat powerhouse, although, as its dimensions and specs are surprisingly modest:
- Power effectivity: 38J/TH (-5%~+8%) at 25 levels Celsius
- Maximum noise: 75 decibels
- Net weight: 12.8 kilograms
- Net dimensions: 331 millimeters (mm) x 195 mm x 292 mm
Those specs ought to persuade the skeptics that AvalonMiner 1246 is the gold normal amongst Bitcoin miners.
It shouldn’t be too shocking, then, that this explicit mannequin is a robust vendor. For occasion, Mawson Infrastructure Group (OTCMKTS:MIGI) lately ordered a whopping 11,760 A1246 ASIC AvalonMiners for 2021.
Moreover, Genesis Digital Assets Limited ordered as much as $93.63 million price of A1246 AvalonMiner machines for 2021.
Technology with Many Applications
While Canaan is clearly making its mark in the Bitcoin mining machine area of interest, the firm is definitely diversifying into different areas.
Specifically, Canaan lately entered into a partnership with Japanese tech tools agency Cathay Tri-Tech.
Together, the firms will introduce a man-made intelligence (AI) facial recognition module, which makes use of Canaan’s Kendryte K210 AI chip, to the Japanese market.
Canaan emphasizes that this chip “was designed particularly for processing machine imaginative and prescient duties, similar to facial and picture recognition, in addition to totally different areas of audio processing.”
The firm additionally cited the small dimension and low energy consumption of its AI facial recognition module.
Furthermore, Canaan expects this module to supply an array of purposes, together with:
- Facial recognition
- Vending machines
- Smart entry controls
- Smart door locks
- Elevator management methods
And impressively, Canaan Chairman and CEO Nangeng Zhang boasts that his firm’s AI facial recognition module “has a recognition accuracy of greater than 99.6%.”
CAN Stock: The Takeaway
Granted, CAN inventory has fallen from its highest worth. That’s not essentially a long-term drawback, although.
Now that Canaan is a confirmed supplier of highly effective Bitcoin mining gear — and an bold entrant into the AI-enhanced facial recognition tech area of interest — CAN stockholders must be as optimistic as ever.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily chargeable for this text held (both straight or not directly) any positions in the securities talked about in this text.
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