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- Canaan has lured its customers into buying their mining rigs by showing fake data on the hardware and doing false deals.
- Canaan mining company has also deliberately misrepresented the revenue figures for the year 2020.
- Canaan gave a recent public note that mining rigs manufacture will be more than 500,000 units and will gain more than a Billion in revenue this year.
The Chinese based mining company Canaan has lured its customers into buying their mining rigs by showing fake data on the hardware and doing false deals.
Canaan mining company has also deliberately misrepresented the revenue figures for the year 2020, while the research company also showed that the Canaan Avalon miner series of rigs are completely incompetent.
Compares to the Bitmain’s Antminer S9 series of miners given to the Canaan’s budget and financial goals to develop the hardware mining rigs are comparatively lower than that of Bitmain’s funding.
Canaan official has commented on this proclaim through Cointelegraph that Aurelius Value has not responded to inquiries related to the assessment technology, and reporters from Cointelegraph have also assessed that the remarks made by Aurelius value are not entirely correct.
In November the previous year, when Canaan did an IPO (Initial Public offering), it conducted a strategic partnership with Grandshores, a Hong Kong-based company a month before the IPO through which Canaan acquired $150 Million worth of equipment through this partnership.
However, Aurelius Value pointed to this value as almost equal to the Canaan’s annual revenue of $177 Million. This was the main point of argument conducted by Marcus Aurelius Value. Analysts also pointed out that Grandshores will not be able to complete the agreement give n their market capitalization of only $50 Million and balances of $16 Million.
Canaan gave a recent public note that mining rigs manufacture will be more than 500,000 units and will gain more than a Billion in revenue this year. Still, the analysts show that this can’t be achieved as the company Grandshores cannot support accordingly, given the history of the financial records of the same.
Analysts also shared that the strategic partnership of Canaan and Grandshores is not an official agreement but just rather a mutual framework understanding.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
