Canaan launches new A1566 bitcoin mining machine

Canaan Inc. launched its newest bitcoin mining machine, the A1566 of its Avalon A15 series, that features an energy efficiency ratio of 18.5J/T though its 185T hashing power and 3420W power consumption.

"This series reflects Canaan's intensified efforts in product development, market research and in collaboration with key partners, to deliver high quality, resilient mining solutions, especially crucial in the post-halving era," the company wrote in a press release.

"The Avalon A15 series is set to enhance profitability for users, reinforcing Canaan's commitment to innovation in the blockchain sector," it added.

Canaan is a technology company focused on ASIC high-performance computing chips that was established in 2013.

Last month, The Block reported that two executives intend to jointly purchase at least $2 million worth of company shares — claiming the company is "deeply undervalued."

In January, the Nasdaq-listed firm raised $50 million in preferred-shares financing from an undisclosed institutional investor to enhance its production capacity.