Odaily Planet Daily News Benchmark analyst Mark Palmer gave Bitcoin mining machine manufacturer Canaan Inc. (NASDAQ: CAN) a "buy" rating for the first time and set a target price of $3, nearly five times higher than the current share price of $0.62. Palmer pointed out that Canaan Inc.'s stock price fails to reflect its potential to expand its self-operated mining business in the United States. The company plans to increase its self-operated mining computing power in North America to 10 EH/s and its global total computing power to 15 EH/s by mid-2025. In addition, Canaan Inc. holds approximately 1,408 bitcoins, which is worth approximately $133 million at current prices, accounting for approximately 70% of its market value, which should help support its valuation. Palmer emphasized that Canaan Inc.'s vertical integration strategy gives it a differentiated advantage in the field of Bitcoin mining, enabling it to profit from both chip/mining machine sales and self-operated mining. (CoinDesk)