13 Best Cryptocurrency Stocks to Buy Now

10. Canaan Inc. (NASDAQ:CAN)

Average Upside Potential as of March 11: 358.72%

Number of Hedge Fund Holders: 16

Canaan Inc. (NASDAQ:CAN) is a company that plays a vital role in designing and developing equipment required to mine cryptocurrencies. It created the first ASIC bitcoin miner, positioning it to benefit from a spike in BTC price that is fuelling demand for mining equipment. Some of the biggest companies, including Cipher Mining, Mara Holdings and Digital Holdings, use the company’s mining equipment.

Canaan Inc. (NASDAQ:CAN) keeps making remarkable progress in both product innovation and mining operations. After the mining rigs at Stronghold’s Panther Creek facility were successfully upgraded, operations at the location have continued to increase, reaching a fully operational hashrate of 0.93 EH/s. Additionally, Canaan is committed to providing cutting-edge and affordable mining solutions.

The Avalon Q, a small, app-controlled home mining device that produces 90 TH/s of processing power while operating incredibly quietly, has already been released. Notably, it is the first high-end Bitcoin miner that can run on a 110V residential power supply, appealing to miners and reaching more people. Canaan Inc. (NASDAQ:CAN) and Luna Squares’ mining partnership is still on track, and further machine deployments are planned. In February, Canaan achieved an industry-leading all-in electricity cost of 4 cents/kWh, improving the month-end average revenue split from 57.3% to 59.0%.