The Chinese crypto mining giant Canaan Creative recently completed a multi-million-dollar funding round according to a local financial news publication.

The Chinese mining giant, the manufacturer of the Avalon line of mining rigs, which is yet to confirm the report from the Securities Times, is rumoured to have raised an unspecified sum from its unknown investors.

As per the report published on Tuesday, the size of the investment which cites “informed sources” is in the ballpark of hundreds of millions of dollars while Canaan’s net worth is apparently lying in the region of billions of dollars.

This news comes a few months after Canaan applied for an initial coin offering on the Hong Kong Stock Exchange which never advanced to a listing hearing and subsequently became invalid. However, it was reported back in January that the mining firm is rumoured to be planning another IPO application, this time in New York.

As per the Securities Times report:

“From the point of view of market capitalization, after the current round of financing, Canaan’s valuation is worth billions of dollars.”

Canaan’s recent cash flow injection comes at a crucial time for the crypto mining industry. Back in November, it was reported it was reported that the market which is lead by the Chinese competitor Bitmain had suffered considerable losses in light of the ongoing Bitcoin bear market.

As reported by Coinbeat, at the beginning of November 2018, Bitmain began downsizing their operations by laying off staff and closing a number of their operations.

Lastly, Bitmain also filed for an IPO back in September, but if the firm’s application doesn’t reach a listing hearing by March 26, six months after the filing, its IPN application will also become invalid. For the rest of us, we’ll have to wait and see just how much Canaan have actually raised in their latest funding round and hope that it ultimately leads to a resurgence of interest in the crypto mining industry.