High performance was achieved due to the sales of cryptocurrency mining devices

​Canaan company has fixed record revenue in the third quarter

17.11.2021 - 07:05

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Canaan company has fixed record revenue in the third quarter

What’s new? The mining company Canaan has released its financial data for the third quarter of 2021. According to the report, revenues exceeded $204 million, a 708% increase over the same time frame of the previous year.

What has the growth been driven by? The company notes that it sold equipment with a total capacity of 6,7 million TH/s to miners. The record sales figures were achieved due to “solid market demand and increased supply of bitcoin mining devices.”

Canaan's net profit for the third quarter exceeded $72 million, which is almost 180% higher than the profit for the second quarter. This was mainly realized through a large number of upfront payments from mining equipment customers.

Author:

Michael Golikov Michael Golikov

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