Bitcoin Bottom rebound celebrated with flash sale of mining equipment
Canaan Creative, the Bitcoin mining giant is celebrating the ‘Bitcoin Bottom’ by announcing a flash sale of its cryptocurrency mining equipment. Bitcoin [BTC] fell below $4,000 during the previous weekend, hovered close to the $3,500, but managed to say above its touted ‘bottom’ of $3,000.
The mining giant is offering devices like the Avalon 921 (20 TH/s) and the Avalon 851 (20 TH/s) for just $200 each during the flash sale. Steven Mosher, representative of Canaan told CoinDesk that, at the moment, there was no end date set as sufficient mining equipment is available for sale.
He further added that the main reason for the sale was the Bitcoin rebound on November 29. The top crypto was well below the $4,000 mark as early as Wednesday, prior to the rally. On Thursday, the coin surged to $4,200 and managed to sustain the price well into November 30. Despite the increase, Bitcoin is $2,000 less than its November high.
“I’m looking and I see [bitcoin] rebound, it’s up to $4,300 and my thinking was, I’m going to celebrate. Usually if [bitcoin] goes up, we would put prices up. Well, I thought I’m going to try something different,” said Mosher.
The November market crash was spurred by the Bitcoin Cash hardfork, from which spawned Bitcoin Cash ABC and Bitcoin Cash SV. Mosher said after these hashwars, “Now’s the time to celebrate, we’re at a bottom.”
In the midst of the market meltdown, Chinese miners are selling their mining equipment by the kilo to offset the loss of falling crypto prices. The founder of F2POOL, Mao Shixing, stated last week that 600,000 to 800,000 miners have shut-up-shop since mid-November. Shixing also published an infographic stating that if BTC would fall under $5,300 the Antiminer T9 would be unprofitable. At press time, Bitcoin [BTC] is priced at $4,296.
Canaan looked to go public via an initial public offering (IPO) last year but since its filing on the Hong Kong Stock Exchange has expired, increased investment seems distant.
In recent news, Bitmain, the bitcoin mining giant has been taken to court by their customers over a $5 million lawsuit. The lawsuit lodged in the U.S. district court of Norther California accuses Jihan Wu’s Bitmain of mining cryptocurrencies for the mining giant, after-sale, without the owner knowledge.
Image via Shutterstock
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