CAN - Why Crypto Mining Stock Canaan Plunged 20% Today
Cryptocurrency mining company Canaan (NASDAQ: CAN) is one of the big movers in the market today. Its shares have plummeted 20% over the past 24 hours as of 1 p.m. ET, marking the largest move in the crypto mining sector, which is itself down big today.
News that crypto miner Hive Blockchain Technologies made a large purchase of application-specific integrated circuit chips from Intel has driven most of this move. Previously, Hive had purchased its crypto mining machines from Canaan, which is a large Chinese producer of integrated circuits and other mining hardware. However, the fact that this large order went to U.S.-based Intel has some investors considering how the competitive dynamics of this industry may be shifting.
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Why Crypto Mining Stock Canaan Plunged 20% Today