Bitcoin Miner Canaan Turns Up Heat in Home Mining Race

You’ve certainly heard that Bitcoin (BTC) miners require a
lot of energy to operate, but they also give off a lot of heat. Wall Street
crypto miner Canaan (NASDAQ: CAN) decided to take
advantage of this by introducing a combination of miners with… home heaters!

The same device that keeps your toes toasty could now be
secretly hustling to fill your crypto wallet. Talk about a warm welcome to the
future!

Heat Your Home While Mining Bitcoin

Bitcoin mining firm from Wall Street Canaan unveils
dual-purpose mining heaters at CES 2025, marking a significant shift in home
cryptocurrency mining technology. The company introduced two new devices – the
Avalon Mini 3 and Nano 3S – that combine Bitcoin mining capabilities with
practical home heating functionality.

The Avalon Mini 3 delivers 37.5Th/s hashrate while
functioning as a home heating system, featuring app-controlled operation and
quiet performance. Its companion product, the Avalon Nano 3S, offers 6Th/s
hashrate in a portable, energy-efficient design.

📣 Live from CES 2025! Witness history as our Chairman and CEO, Mr. NG Zhang, officially unveils the Avalon Mini 3 to the world. 🔗 https://t.co/zwFPrYXH0RCompact, powerful, and accessible, this device is designed to revolutionize #Bitcoin mining for everyone.✨ Step into… pic.twitter.com/U3YxjiiA6Z

— Canaan Inc. (@canaanio) January 8, 2025

“We are committed to making Bitcoin mining accessible
to everyone,” said NG Zhang, CEO and founder of Canaan. “The Avalon
Mini 3 and Avalon 3S represent our vision of user-friendly, practical mining
solutions for the modern individual. We’re reimagining how technology can
create value while minimizing environmental waste. The Avalon Mini 3’s ability
to generate cryptocurrency while heating your home is a perfect example of our
vision for sustainable, multi-purpose technology.”

The devices are available for preorder until February 2025,
with the Nano 3S priced at $249 and the Mini 3 at $899. The flagship Avalon
Mini 3 delivers 37.5 TH/s hashrate while consuming 800W of power. The unit
measures 760 x 104 x 214mm without packaging and operates within a temperature
range of -5 to 40°C. Operating noise levels are maintained at 55dB, and the
device supports universal voltage input of 110-240V.

The entry-level Nano 3S provides 6 TH/s hashrate,
representing an upgrade from its predecessor. It features a compact form factor
designed for portability and individual users.

Canaan Raises $30 Million

The move comes two months after the China-based computing
solutions provider entered into a securities purchase agreement to
sell up to 30,000 Series A-1 Preferred Shares at $1,000 each to an
institutional investor. The deal is expected to raise $30 million to
support the expansion of digital mining sites and equipment in North America.

This development follows a Series A financing round
completed in September 2024, during which Canaan sold up to 125,000 Series A
Convertible Preferred Shares. The company has also made progress in product
development, with strong demand for its Avalon A15-194T miners. Additionally,
Canaan signed a follow-on purchase agreement with HIVE Digital Technologies to supply
5,000 Avalon A15 miners in the first quarter of 2025.

This article was written by Damian Chmiel at www.financemagnates.com.
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