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

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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.

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