Shares of mining giant Canaan have fallen by almost 40%

by in Blockchain News

Canaan mining stock

Since listing on Nasdaq last month, Canaan, a Chinese mining company, has dipped by nearly 40%.

In November, Canaan Creative raised $90 million during an IPO, posting 10 million US depositary receipts for $9. Оn December 13, the securities of a mining company are trading at around $5.71.

In a conversation with the Bitcoinist publication, TokenInsight partner Jack Yang said the stock price will continue to fall if the price of bitcoin does not begin a confident recovery.

Related: China's "Digital Yuan" might launch in 2020!

Also, according to Yang, Canaan is influenced by competition from Bitmain and MicroBT. The latter recently introduced a series of high-performance and energy-efficient WhatsMiner M30 miners.

In October, Bitmain introduced the improved miners of the S17+ and T17+ series, and Jihan Wu, who returned to the post of CEO, recently introduced a new strategy to increase sales. In addition, Bitmain recently launched initiatives to reduce entry barriers to mining.

Earlier, Iterative Capital Management Director Leo Zhang expressed the view that Canaan Creative's market position may weaken in the future.