A report by Marcus Aurelius Value, an analysis organization, argues that the Nasdaq-listed ASIC manufacturer Canaan (NASDAQ: CAN) misrepresented its potential revenue for 2020. At least one of its clients is an alleged related party who is unable to honor the $150 million purchase contract.
Aurelius Value also considers Canaan’s AvalonMiner series to be uncompetitive within the ASIC market, noting that the manufacturer’s R&D budget is vastly inferior to competitors like Bitmain.
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