Canaan Creative Set To Slash Prices to Celebrate Slight Recovery of Bitcoin (BTC)

The digital currency market is currently facing one of its most difficult periods. The entire market has been on a continuous downward trend, with Bitcoin (BTC) being one of the top losers in the market. The declines in the value of digital currencies have caused a lot of damage in the crypto industry and beyond. It has also affected a lot of crypto-related firms. One of the highly affected firms is NVidia – a firm that produces digital currency mining tools.

Canaan Creative Set to Hold a Flash Sale

Canaan Creative – a Bitcoin (BTC) mining company recently made known its intent to slash the prices of all its digital currency mining equipment. However, the firm said the flash sale will only last for a limited period of time. The flash sale started yesterday, November 29th, 2018.

The flash sale covers all the mining devices of the firm, ranging from the Avalon 921 (20 terahashes in one second) to the Avalon 851 (14.5 terahashes per second). You can get any of them at $200. According to CoinDesk, Steven Mosher – a representative of the firm – said that there is presently no end-date for the sale. He also said that the firm has enough stock for miners, except the Avalon 911 which is out of stock.

Why Canaan Creative Is Conducting a Flash Sale

According to Mosher, the firm is running this promo to celebrate a slight increase in the value of Bitcoin (BTC). Bitcoin (BTC) recently declined sharply and tested a new yearly low. The digital currency declined below the $4k level and traded below the $3,500 mark.

However, the value of Bitcoin (BTC) surged higher and broke over the $4k level on Nov. 28th. The digital currency surged by more than 11 percent that day, bringing its value close to the $4,400 level. Mosher said that the company is celebrating the slight recovery of Bitcoin (BTC) by slashing the prices of its crypto mining equipment.

The profitability of miners has been suffering recently due to Bitcoin (BTC) price crash. Mosher said there were concerns that miners are beginning to shut down operations and smaller firms can no longer stand the weight of the market.

Mosher said he was looking as Bitcoin rebound to over $4,300 after its crash, and he plans to celebrate it. He said, usually, when the value of Bitcoin surges, they usually increase the value of their equipment. However, he said he wants to do something different this time around.

Last week, the founder of F2Pool – the third largest crypto mining firm – said that about 600k to 800k Bitcoin miners have stopped operations since mid-November. Canaan Creative also introduced a new mining firmware for its miners yesterday. The firm said the new mining firmware can cut down power consumption to 0.085 j/Gh.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$11,581.58
0.781%

At the time of writing, Bitcoin (BTC) is changing hands at $4,222 after a decrease of about two percent over the past twenty-four hours. The current market cap of the digital currency is $73.48 billion and its trading volume over the past twenty-four hours is $6.04 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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