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Canaan Inc. has completed its third and final tranche of preferred shares financing, raising $50 million to expand its North American self-mining operations. (Read More)
Canaan Inc. (NASDAQ: CAN) will report its Q2 2024 financial results on August 15, 2024, before the U.S. market opens, according to PRNewswire. (Read More)
Canaan Inc. (NASDAQ: CAN) will participate in Macquarie's 15th Annual ASEAN Conference on August 27-28, 2024, hosting one-on-one meetings with institutional investors. (Read More)
Canaan Inc. announces participation in Rosenblatt's 4th Annual Technology Summit, focusing on AI and Bitcoin mining ASICs. (Read More)
Canaan Inc. (NASDAQ: CAN) reports robust Q2 2024 financial results with significant revenue growth and improved profitability. (Read More)
Canaan Inc. announces significant purchase order from Cipher Mining for Avalon Miner A1566 units. (Read More)
Canaan Inc. launches the Avalon Immersion Cooling Miner A1566I at Mining Disrupt 2024, featuring enhanced efficiency and innovative design. (Read More)
Canaan Inc. reported a 135.9% year-over-year increase in revenues for Q1 2025, driven by strong mining performance despite market volatility. (Read More)
Canaan Inc. faces a compliance issue with Nasdaq due to its shares trading below $1.00, receiving a 180-day period to address the matter. (Read More)
Canaan Inc. reveals its latest bitcoin mining and production updates for April 2025, highlighting global operational advancements and strategic expansions. (Read More)
Canaan Inc. (NASDAQ: CAN) will report its Q1 2025 financial results on May 20, 2025, with a conference call scheduled for the same day. (Read More)
Canaan Inc. has filed its 2024 annual report on Form 20-F with the SEC, showcasing its continued innovation in crypto mining and ASIC technology. (Read More)
Canaan Inc. reveals a 9.8% increase in Bitcoin production for March 2025, with expansion plans in North America aiming to boost mining capacity significantly. (Read More)
Canaan Inc. enters an agreement for $200 million financing, enhancing growth and expansion in crypto mining, with initial proceeds of $100 million received. (Read More)
According to a press release published July 25, 2023, Auradine, a new competitor in the blockchain infrastructure sector, is entering the application-specific integrated circuit (ASIC) bitcoin mining industry with a line of bitcoin mining rigs known as the Teraflux series. Auradine’s new machines boast hashrates between 185 terahash per second (TH/s) and 270 TH/s. Auradine [...]
The post Auradine Unveils Teraflux, New Line of US-Crafted Bitcoin Mining Rigs Providing Up to 270 TH/s appeared first on Crypto Breaking News.
Diluted net loss per American depositary share in Q1 2023 stood at $0.51, down from $0.55 in the previous quarter.
Canaan, a prominent manufacturer of Bitcoin mining machines, recently disclosed its financial report for the first quarter of 2023. The report reveals that the company generated revenues of $55.2 million during this period. However, despite the positive revenue figure, Canaan experienced a gross loss of $47.5 million. To align it’s reporting currency with its operations, Canaan switched […]
Bitcoin (BTC) miner Canaan reported a 3.3% increase in its mining revenue for the first quarter, according to a May 26 statement. Mining revenue According to Canaan, it generated $11.1 million in mining revenue between January 1 and March 31. This represents a 3.3% increase from the $10.7 million it raised during the fourth quarter […]
The post Canaan’s mining revenue rises 3.3% in Q1 while overall revenue declines appeared first on CryptoSlate.
Canaan, a Chinese Bitcoin miner and manufacturer of ASIC mining machines, reported an 82.1% YoY revenue decline to $56.8M in Q4 2022. The company's net income swung to a $63.6M loss due to inventory write-downs and research expenses. Despite the decline in revenue, Canaan's mining revenue improved by 368.2% YoY to $10.46M. (Read More)
<p>Canaan Inc. (<a href="https://www.financemagnates.com/tag/canaan/" target="_blank" rel="follow">NASDAQ:CAN</a>), a cryptocurrency mining hardware manufacturer, reported its quarterly numbers on Tuesday. During the three-month period that ended on 31 December 2022, the crypto company achieved a <a href="https://www.financemagnates.com/terms/c/crypto-mining/" class="terms__main-term" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e" target="_blank">crypto mining</a> revenue of $10.5 million, which was significantly higher than in the previous quarter and the same period in 2021. However, overall revenues turned out to be considerably lower on a quarterly and a yearly basis.</p><p>Canaan's Revenues Going Down in Q4</p><p>While mining revenue represented an increase of 16.3% quarter-over-quarter and a staggering 368.2% year-over-year, the revenue for the mining hardware manufacturer continued its 2022 slump.</p><p>The revenues in the fourth quarter came in at $56.8 million, translating to 59.9% QoQ and 82.1% YoY decreases. The product revenue also dropped to $46.3 million, representing a slump of 65.1% compared to the product revenue <a href="https://www.financemagnates.com/cryptocurrency/canaan-feels-the-bitcoin-blues-net-income-down-90/" target="_blank" rel="follow">reported in the third quarter of 2022</a>, and a decrease of 85.3% compared to the product revenue reported in the same period of 2021.</p><p>The decline in QoQ and YoY revenue was primarily due to the decrease in total computing power sold and the lower selling price due to the decreased value of Bitcoin. </p><p>"We went through a tough fourth quarter as the further sinking <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__secondary-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93" target="_blank">bitcoin</a> price during the quarter led to lackluster market demand for mining machines as we expected. Amidst the hard time, we delivered topline results of RMB392 million, exceeding our previous guidance range, thanks to our improved mining business operation and our constant exploration of clients' needs," Nangeng Zhang, the Chairman and Chief Executive Officer of Canaan, commented.</p><p>Canaan's shares lost 60% of their value in 2022, rebounding currently around 22% from near-record lows. The company's valuation is a long way from its record high of $40 per share and is at $2.5 per share before Tuesday's US session starts after falling more than 8% on Monday.</p><p>Visibly Lower Gross Profit for Canaan in 2022</p><p>2022 was a challenging year for the entire mining industry and equipment manufacturers. Subsequent quarters saw declining revenues, with the increasing difficulty of mining and decreasing Bitcoin prices severely cutting revenue margins. After a record-breaking 2021, last year brought significantly lower income for the industry, <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">declining by $6 billion</a>.</p><p>As a result, Canaan reported a significant decrease in revenue and gross profit for the full year of 2022. Gross profit decreased to $253.4 million from $411.2 million reported in 2021.</p><p>"Despite the challenging market environment, 2022 was a notable year of milestones for our company. We expanded globally and established overseas supply chains and headquarters in Singapore. Our teams gained experience in operating our mining business in various overseas locations,” Zhang added.</p><p>However, it is worth noting that Canaan currently tries to refocus its core business, moving to self-mining rather than selling mining rigs. The overall mining revenue for 2022 was significantly higher than the year before, reaching $31.7 million. Although these figures are still far from the revenue generated from the sale of crypto miners, further positioning in this direction in the coming quarters should result in a clearer diversification of revenue classes.</p><p>Hive Blockchain, another publicly-listed crypto company, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">reported its Q4 2022 results last week</a>, showing a $90 million loss for the period. Moreover, Hive is looking for ways to diversify its revenue, and <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-btc-production-and-bets-od-grid-balancing/" target="_blank" rel="follow">according to a separate trading update</a>, it was able to earn $180,000 from balancing the grid.</p> This article was written by Damian Chmiel at www.financemagnates.com.
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