Odaily News Benchmark analyst Mark Palmer gave bitcoin mining machine maker Canaan Inc. (NASDAQ: CAN) its first "buy" rating and set a target price of $3, nearly five times higher than the current share price of $0.62. Palmer pointed out that Canaan'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 total global computing power to 15 EH/s by mid-2025. In addition, Canaan 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'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)