by Rushali 
Canaan Creative a mining machine maker of cryptocurrency’s shares has skyrocketed after bitcoin touches a new all-time high on Tuesday. It was trading around 27% high after the news. The company has gained 270% month-to-date while bitcoins have gained 65% in the year 2021.
On Tuesday bitcoin has touched $50000 for the first time in history.
Higher prices for bitcoin mean increased demand for mining machines. On Friday the company’s share closed above $12 for the first time after its listing in November 2019.
Canaan CEO Nangeng Zhang has said that they now can forecast the company’s revenue growth after their client base shifted to bitcoin-focused investment funds. Before that, the company used to sell the machines to individual operators who didn’t place sizeable orders.
