Nasdaq-Listed Company Urges China To Open Doors To Green Mining
Zhang Nangeng, CEO of Nasdaq-listed Bitcoin mining hardware company Canaan Inc, said that China should allow mining for green energy users.
He added that the blanket ban on Bitcoin mining disregards the potential economic benefits of using green energy for mining. In his opinion, in the regions of the country with a surplus of electricity, mining can be a solution to the problem. And low energy prices will definitely attract crypto miners.
“For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste. Bitcoin miners also help create jobs in poor regions and contribute to the country’s budget,” Zhang said.
He noted that the company’s share price and profits have grown significantly due to the rise in the bitcoin rate, the high demand for high-quality mining machines and the ability to meet this demand.
It is noteworthy that the value of Canaan shares on Tuesday increased by 24%, and by 42% over the week. The company’s revenue increased by 490% over the same period last year. Most of the profit increased due to the sale of ASIC mining equipment.