Odaily Planet Daily News: Benchmark analyst Mark Palmer has initiated a "Buy" rating on Bitcoin mining machine manufacturer Canaan Inc. (Nasdaq: CAN), setting a target price of $3, nearly five times the current price of $0.62. Palmer pointed out that Canaan's stock price does not reflect its potential to expand its self-operated mining business in the United States. The company plans to increase its North American self-operated mining hashrate to 10 EH/s by mid-2025, with a global total hashrate reaching 15 EH/s. Additionally, Canaan holds about 1,408 bitcoins, valued at approximately $133 million at current prices, accounting for about 70% of its market value, which should help support its valuation. Palmer emphasized that Canaan's vertical integration strategy provides it with a differentiated advantage in the Bitcoin mining sector, enabling it to profit from both chip/mining machine sales and self-operated mining. (CoinDesk)

Odaily Planet Daily reports that Benchmark analyst Mark Palmer has given Bitcoin mining machine manufacturer Canaan Inc. (Nasdaq: CAN) an initial “Buy” rating and set a target price of $3, nearly five times the current price of $0.62. Palmer pointed out that Canaan’s stock price fails to reflect its potential to expand its self-operated mining business in the United States. The company plans to increase its North American self-operated mining computing power to 10 EH/s by mid-2025, reaching a global total computing power of 15 EH/s. Additionally, Canaan holds approximately 1,408 Bitcoins, valued at about $133 million at current prices, accounting for roughly 70% of its market capitalization, which should help support its valuation. Palmer emphasized that Canaan’s vertically integrated strategy provides a differentiated advantage in the Bitcoin mining sector, allowing it to profit from both chip/miner sales and self-operated mining. (CoinDesk)

Analyst: Canaan Inc.'s stock price benefits from the expansion of its self-operated mining business, potentially having a 5x upside.