Chinese Bitcoin Mining Developer Canaan Acquired for ¥3 Billion

[kreslik.news]

In what is likely the biggest acquisition in the short history of Bitcoin and blockchain related firms, a mining equipment developer has been sold to an electronics manufacturer in China.

N.G. Zhang, the founder and CEO of Beijing-headquartered Canaan Creative CO., LTD, has confirmed on the company’s website: “Yes, it is true. Canaan is being acquired by LYT.” He did not offer many details on the deal with the industrial and commercial electronics manufacturer but media reports from China suggest that it was a very big one.

LYT reportedly agreed to pay about two billion yuan in stocks and 1.06 billion yuan in cash, for a total price ... (read more)