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Crypto Corner Episode 483: Canaan (NasdaqGS: $CAN) Reports Q3 Financial Results, and Ebang (NasdaqGS: $EBON) Acquires Authorization of Patent Tech in Korea

 

Point Roberts, WA and Delta, BC - November 30, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

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https://www.investorideas.com/Audio/Podcasts/2020/113020-CryptoMarket.mp3

Crypto Corner Episode 483: Canaan (NasdaqGS: $CAN) Reports Q3 Financial Results, and Ebang (NasdaqGS: $EBON) Acquires Authorization of Patent Tech in Korea

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Stocks discussed: (NasdaqGS:CAN) (NasdaqGS:EBON)

Since the last Crypto Corner on Friday, November 27, Bitcoin (BTC) has recovered considerably from its 12 percent drop witnessed on November 26 that brought its trading price as low as about $16,370, according to data from CoinMarketCap. In fact, at press time, Bitcoin is trading for about $19,750, or slightly above what is generally considered its all-time high trading price reached nearly three years ago in December 2017.

An article from CoinDesk, which puts this morning's price peak even higher than CoinMarketCap at $19,786, indicates that "year to date, bitcoin has gained 167%," and that following "its yearly lows in March, after crashing more than 50% in a single day, bitcoin has rallied more than 400%." The article shares a comment from Kevin Kelly, co-founder of Delphi Digital:

"The significance of a new all-time high in dollar terms can't be understated. Many skeptics have publicly denounced bitcoin for failing to reach a new high despite such a favorable macro backdrop so this is yet another testament to bitcoin's staying power."

High performance computing and crypto mining firm Canaan Inc. (NasdaqGS:CAN) has reported its unaudited financial results for the third quarter ended September 30, 2020. Highlights include 2.9 million Thash/s of total computing power sold, which represents a year-over-year decrease of 20.7 percent from 3.7 million Thash/s reported in Q3 2019, but a quarter-over-quarter increase of 13.4 percent from 2.6 million Thash/s in the Q2 of this year. Quanfu Hong, Canaan's CFO, explained:

"The pandemic and resulting macroeconomic uncertainties continued to impact the production capacity of the global IC industry in the third quarter of 2020. However, the demand for mining machines in the market continued to rebound during the third quarter, and we have received a large number of pre-sale orders which are scheduled for delivery starting in the fourth quarter of 2020. Looking ahead, we remain committed to investing in areas that will further strengthen our collaboration with established IC manufacturers, enhance our inventory management, streamline our research and development initiatives, and generate lasting value for our shareholders."

Bitcoin mining machine producer Ebang International Holdings Inc. (NasdaqGS:EBON) entered into a technology license agreement with Circle Line International Limited on November 27, 2020 to obtain the latter's exclusive license of a proprietary patent in Korea. Dong Hu, Ebang's Chairman and CEO, explained:

"We are excited to acquire the exclusive authorization of Korean Patent Reg. No. 10-2137956 from CL. The core of this patent is AsicBoost, a method that can increase performance of Bitcoin mining by about 20%. The performance gain is achieved through a high-level optimization of the Bitcoin mining algorithm which allows for drastic reduction in gate count on the mining chip. The exclusive authorization of this patent reflects our determination to continue to protect the legitimate rights and interests of patent holders and strive to maintain fair market competition, and is expected to lay a solid foundation for the Company's continuous offering of leading Bitcoin mining machines."

Sam Mowers, Investorideas

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