Canaan Technology has completed the second round of preferred stock financing, raising 50 million US dollars.

Wu learned that the Bitcoin mining machine manufacturer, Canaan Inc., announced the completion of its second round of preferred stock financing on January 22nd, raising over $50 million. Previously, its first round of preferred stock financing raised a total of $25 million. The net proceeds will be used for research and development, expanding production capacity, and covering general company expenses.