Canaan Creative is conducting a flash sale for its proprietary bitcoin mining hardware. The company responsible for the first ever bitcoin mining Application-Specific Integrated Circuits (ASICs) is “disposing” available mining equipment in bulk at discounted rates. According to Steven Mosher, the company’s representatives, users can purchase the company’s equipment for as low as $200.
“Celebration” in disguise
Speaking to Coindesk, Mosher refers to the fire sale as a “celebration.” In his words, “I’m looking and I see [bitcoin] rebound, it’s up to $4,300 and my thinking was, I’m going to celebrate. Usually if [bitcoin] goes up, we would put prices up. Well, I thought I’m going to try something different”- Steven Mosher.
The company has however, not listed its most sought after Avalon 911 as they had been sold out before the cryptos market plunge. Evidently the offer will be available until the stock is exhausted as the company did not give a specific deadline.
Tough times for small scale miners
The sale is “poorly timed” considering that small scale miners are downing their tools as the new bitcoin prices have rendered mining unprofitable. According to statistics by Autonomous Research LLC, an excess of 100,000 miners have closed down operations with over 1.4 million bitcoin mining servers shut as well.
Malachi Salcido, head of Wenatchee, Salcido Enterprises explains that only large scale miners with specific models using significantly low power can survive the current price crash. The executive is not surprised that small scale miners are closing operations considering that miners would only break even when Bitcoin is trading at $4,500 and above. This has not been the case since November 19.
It is easy to believe that Canaan Creative is dumping their mining tools to interested users to clear stock before the crypto market collapses for good. However, Mosher on his part asserts that the sale is in a way a test to see individuals that can stomach tough economic times. The company’s representative urges miners to remain optimistic until the market gains traction once again.