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SMICY - Sell Canaan: Bitcoin Mining Is An Unprofitable Business That Just Got Worse
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Canaan (CAN) is a Chinese company whose business is selling Bitcoin mining machine hardware. It has no other significant business and doesn’t receive any recurring software revenue. These machines are second rate, behind other bitcoin mining rig manufacturers like Bitmain. CAN’s machines are currently unprofitable to miners based on the current Bitcoin price and electricity rates to run the machines.