Canaan Creatives, the world’s second-largest bitcoin mining chipmaker, has raised ‘hundreds of millions of dollars’ in a new financing round. STCN reported that the latest funding pushed Canaan’s worth to at least a billion dollar.

According to a study published by the Hurun Research Institute, Canaan’s valuation was close to $2. 98 billion by the end of Q2 2018. Nevertheless, the Beijing firm didn’t post financial reports of the fiscal year 2018, which made it difficult to assess its exact valuation, as well as its revenue. Canaan didn’t reveal how it would plan to utilize the funds. STCN reported that it

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