Canaan records growth in profits from mining equipment sales
A miner manufacturer has published a detailed financial report for the quarter and the year
04.03.2022 - 09:20
What’s new? Canaan, a major cryptocurrency mining equipment maker, has published a financial report with figures for the last quarter and the full year 2021. Based on the results of the report, the company records a significant increase in profits.
Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2021 Financial Resultshttps://t.co/hx4QyMRUQk— Canaan (@canaanio) March 3, 2022
What figures are contained in the report? Data for the fourth quarter shows revenue of $342,8 million, up 67% from the same period in 2020. In total, the company sold cryptocurrency mining equipment with a total hashrate of 22,3 million TH/s in 2021. The revenue for 2021 was $785,5 million compared to $447,7 million a year earlier.
Canaan stressed that the revenue growth is due to the company’s business development and customer base expansion activities. Given that the European Union revised the law on Markets in Crypto-Assets (MiCA) and removed wording regarding the prohibition of the use of the Proof-of-Work algorithm, Canaan expects the company to grow further.
How the largest cryptocurrency exchange’s initiatives help it maintain its leadership
Nov 19, 2022
What fan coins are needed for and what events contribute to their growth
Nov 16, 2022
Why Binance set the trend to publish transparent data on available funds
Nov 14, 2022
The journalists got acquainted with the documents revealing the details of the financial condition of the exchange
Nov 13, 2022
Desperate traders with stuck assets resort to semi-legal schemes to save deposits
Nov 11, 2022
Experts predict when to expect new peaks of the crypto market by analyzing its previous cycles
Nov 10, 2022