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Even though Sophgo is circuitously tied to bitcoin mining, the designation underscores the broader suspicion US authorities have towards Chinese tech companies.
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Sector analysts estimate that Bitmain generates earnings of as much as $three billion annually, Based on Bernstein Research.
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Canaan has taken steps to distance alone from Chinese oversight, relocating its headquarters to Singapore and reporting that 40 for every cent of its 2024 income arrived with the US.